Peter Boockvar, Chief Investment Officer of Bleakley Advisory Group, said Tuesday the market is trying to figure out its footing after the sharp rally last week. We're still far from being out of the woods in terms of inflation, monetary tightening and rising rates. The Dow Jones industrials fell by 222.84 points or 0.67 percent to close Tuesday at 32,990. The Nasdaq Composite declined by 49.74 points or 0.41 percent to 12,081. The Standard and Poor's 500 gave up 26.09 points or 0.63 percent, or 4,132. The U.S. dollar moved higher on foreign exchange markets. The euro fell to 1.0734. The Japanese yen fell sharply to 128.76. The Swiss franc was little changed at 0.9596.
The Canadian dollar was up to 1.2648. The Australian dollar fell to 0.7179. The New Zealand dollar fell to 0.6517.
Stocks were mixed on overseas equity markets. The German Dax was 1.29 percent lower in Europe. The CAC 40 in Paris, France fell 1.43 percent. London's FTSE 100 was up 0.10 percent.
The Nikkei 225 plunged 89.63 points or 0.33 percent to close Tuesday at 27,279. The Australian All Ordinaries fell by 67.40 points or 0.90 percent to 7,455. In New Zealand, the S&P NZX 50 fell 163.84 points or 1.46 percent to 11,308. The Hang Seng gained 291.27 points or 1.38 percent in Hong Kong to 21,418.