U.S. stocks were mixed Tuesday, suggesting that the major indexes may pause after closing at record highs.
The S&P 500 was down about 0.1% as of the 4 p.m. close of trading in New York, a day after the benchmark gauge posted its eighth all-time closing high of 2021 on Monday. The Dow Jones Industrial Average was about flat. The technology-focused Nasdaq Composite Index rose 0.1%.
Investors said markets are taking a breather following a broad advance in stocks and commodities. The recent rally has been fueled by expectations of a new dose of stimulus spending in the U.S., which could add impetus to the economic revival. That has helped pare expectations for turbulence in U.S. stocks, sending the Cboe Volatility Index down this week to less than 22, after the gauge surged to over 37 at the end of January.
“Very small downsized moves are a symptom of low volatility,” said Trevor Greetham, head of multiasset at U.K. investment firm Royal London Asset Management. “Low and falling volatility is a bull market phenomenon. You do get quiet days.”