Dow retreats over 350 points early Tuesday as stock benchmark pulls back following record close

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The stock benchmarks Tuesday morning pulled back, a day after the S&P 500 and Dow Jones Industrial Average closed at records in a rally fueled by progress toward a COVID-19 vaccine. The Dow was down 350 points, or 1.1%, at 29,607, the S&P 500 index declined 0.8% at 3,598, while the Nasdaq Composite Index gave up 0.2% at 11,896. Prospects for a coronavirus vaccine have prompted a rotation away from pandemic winners, including large-cap tech and internet stocks, in favor of more economically sensitive stocks. But the stock market on Tuesday look eager to consolidate recent moves after record closes for the Russell 2000 index , the S&P 500 index and the Dow on Monday. In corporate news, shares of Tesla Inc. were rising after S&P Dow Jones Indices late Monday said it would add the electric-car maker to the S&P 500 beginning Dec. 21. Meanwhile, Inc. announced that it was getting into the pharmaceutical business.
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