NEW YORK, New York Sellers were in charge during low-volume post-Christmas trading on Wall Street on Tuesday.
Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska, told Reuters on Tuesday that higher Treasury yields are pushing growth stocks and industrials, utilities, and energy are outperforming.
Money is flowing out of the growth areas and is working its way to the value side of things, which is a microcosm of what we've seen all year. It's important to remember that there are other groups that can take the baton when the high-flyers come back to earth, Detrick said.
It was a bad year for stocks, but a worse year for bonds. It's extremely rare. The markets can surprise, and that's an unfortunate reminder, Detrick said.
The Dow Jones industrials at least managed a small gain. The key index rose 37.63 points or 0.11 percent to 33,241. The Nasdaq Composite fell by 144.64 points or 1.38 percent to 10,353. The Standard and Poor's 500 dropped 15.57 points or 0.40 percent to 3,829. The U.S. dollar was mixed despite higher bond yields. The euro was up to 1.0641 by the close of New York on Tuesday. The British pound dropped to 1.2020. The Swiss franc was close to 0.9289.
The Canadian dollar increased to 1.3519. The New Zealand dollar fell to 0.6277.
Many stock exchanges around the world, including the UK, Australia and Hong Kong, were closed on Tuesday for the Christmas holidays.
China's Shanghai Composite was trading 0.98 percent ahead of its price on the day. In Japan, the Nikkei 225 bgaine d was 0.16 percent.
The German Dax added 0.39 percent. The CAC 40 advanced by 0.70 percent in Paris, France.