The Dow Jones Industrial Average closed lower as worries surrounding the economy and banking sector weighed on the blue chip index, while the Nasdaq carved out another record-setting session on strength in the tech sector ahead of quarterly results from Apple ( AAPL ) and Facebook ( FB ).
Stocks were higher before the open after Congress voted to keep the government funded until September, but hit a speed bump when personal income and spending data missed forecasts and a pair of industry indices indicated a slowing manufacturing sector.
Additionally, a remark from former Fed Chairman Ben Bernanke rattled investors early in the day when Bernanke said 3% growth was "a long shot."
Ahead of the next Federal Open Market Committee meeting which ends on Wednesday, Treasury Secretary Steven Mnuchin sent bond yields higher on his endorsement of ultra-long term government securities that would compete for investors with the 30-year long bond. This widened the spread between 2 year notes and 30-year bonds, and elevated the dollar against the yen.
Banking stocks took a turn south after President Trump called for the breakup of the country's largest banks during a speech at a banking conference. Although most of the major banking stocks recovered, the sector closed well off its best levels of the day, contributing to the negative close in the Dow.
Here's where the markets stood at the close:
Dow Jones Industrial Index was down 27.05 points (-0.13%)
S&P 500 was up 4.13 points (+0.17%)
Nasdaq Composite Index was up 44 points (0.73%)
FTSE 100 was closed
Nikkei 225 was up 0.59%
Hang Seng Index was closed
Shanghai China Composite Index was closed
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