NEW YORK - US stocks closed lower on Tuesday , with the S&P 500 and Dow snapping a seven-day streak of gains and falling late in the session on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal.
Investors have been hoping Republicans and Democrats will resolve their differences and agree on another relief program to support about 30 million unemployed Americans, as the battle with the virus outbreak was far from over with US cases surpassing 5 million last week. Wedbush trader Joel Kulina said concerns about the stalemate in stimulus negotiations added to pressure to sell recently strong performing tech stocks."It just feels like an acceleration of the growth unwind that started last Friday. Today marks day three of the unwind out of growth," Kulina said."But I'm not seeing panicking."
The Russell 1000 value index rose sharply during the session before ending near flat. It sharply outperformed the Russell 1000 growth index, which sank 1.5%.
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