BUSINESS US stock slip after strong rally

BUSINESS

US stock slip after strong rally

Xinhua

07:16, April 07, 2021

NEW YORK, April 6 (Xinhua) -- U.S. stocks finished lower on Tuesday, taking a breather after a record session.

The Dow Jones Industrial Average fell 96.95 points, or 0.29 percent, to 33,430.24. The S&P 500 decreased 3.97 points, or 0.10 percent, to 4,073.94. The Nasdaq Composite Index was down 7.21 points, or 0.05 percent, to 13,698.38.

Five of the 11 primary S&P 500 sectors ended in red, with technology down 0.38 percent, leading the laggards. Utilities rose 0.53 percent, the best-performing group.

The above market moves followed a strong session on Wall Street, which saw both the Dow and the S&P 500 notch their respective record closes, fueled by a slew of robust economic data.

U.S. Treasury Secretary Janet Yellen on Monday called for a global minimum tax rate on corporations that would provide a more level playing field for all countries.

Yellen's remarks came after U.S. President Joe Biden last week proposed a series of corporate tax changes that could raise roughly 2 trillion U.S. dollars over 15 years to pay for infrastructure investments in eight years.

Some market strategists said that concerns over corporate taxes could serve as a flashpoint for markets if the rate change is considered too high.

U.S.-listed Chinese companies traded higher on Tuesday with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

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