Dow and S&P 500 snap 7-session win streak as stock market retreats in last hour of Tuesday trade

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Stocks finished lower on Tuesday, with the S&P 500 and Dow relinquishing gains in the last hour of trade as the broad-market benchmark inched to within striking distance of all-time closing highs put in February. The decline for the S&P 500 and the Dow Jones Industrial Average also halted a win streak at seven consecutive sessions. The S&P 500 index finished off 0.8% at 3,333, led by declines in utilities , off 2.1%, real estate, down 1.9%, and information technology closing 1.8% lower. Tech and tech-related shares, part of the market’s leadership in the recovery from coronavirus-induced lows put in on March 23, have been taken a breather over the past several sessions as investors presumably rotate into other sectors that of the market that have been under-loved. Meanwhile, the Dow Jones Industrial Average closed down 0.4% at around 27,687, while the technology-laden Nasdaq Composite index finished down 1.7% at about 10,783. The S&P 500 finished the session 1.5% from its Feb. 19 closing high. The last-hour downturn for the Dow and S&P 500 came as Thomas Barkin, chief of one of 12 regional branches of the central bank, sounded an alarm at a “digital town hall” held on Tuesday by the Center for Regional Economic Competitiveness. Barkin said a recession of “historic proportions” could take another turn for the worse if a stalemated Congress fails to provide more financial aid to beleaguered workers and businesses. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.