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Stocks dip after record highs

04/06/2021 | 05:48pm

Wall Street took a breather Tuesday, one day after the Dow and the S&P 500 notched record closing highs.

The Dow faltered by 96 points. The S&P 500 shed 3 points after touching another intra-day high. The Nasdaq lost 7 points.

The market could be in for some restful days after recent action, says DataTrek Research Co-founder Nick Colas.

"You know, we've had such a strong start to the first second quarter, such a strong start to April, that it's totally reasonable to think that we're going to basically hang out here, not just today but for a couple of days as markets digest what just happened. Earnings season is coming up. That has to be strong. Forecasts have to get bumped up. We're going to see GDP numbers for Q1 later in the month. All those things are going to factor into whether or not this latest rally is really sustainable. So I don't think we're going to move much for the next couple of days."

Upbeat economic news wasn't enough to energize a tired market. Job openings in the U.S. rose more than expected in February - hitting a two-year high at 7.4 million. When job openings outpace hiring, that usually bodes well for those looking for work.

And the International Monetary Fund raised its global growth forecast to 6% this year, a rate not seen since the 1970s.

A comeback for cruising? Norwegian Cruise Line says it will start sailing outside of the United States from the Caribbean and Greek Isles starting in July. Nearly all of its ships have been grounded for more than year. No word yet on when the CDC will allow cruise ships to dock in the U.S. again. Shares of Norwegian jumped nearly 5 percent.

© Reuters 2021
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