Wall Street dips from record levels

U.S. stocks edged lower on Tuesday in choppy trading after hitting record highs, as investors worried about the path of the economic reopening and whether the Senate would authorize additional pandemic aid checks.

Fred Katayama reports.

Stocks on Wall Street retreated from record highs Tuesday in a choppy trading session.

Stocks fell after Senate Majority Leader Mitch McConnell blocked an immediate vote of a measure calling for an increase in stimulus checks to $2,000.

The Nasdaq fell four-tenths percent.

The Dow and S&P 500 shed a fifth of a percent.

RegentAtlantic co-head of investments, Andy Kayprin, says investors were looking to lock in profits “I think it’s really a combination of profit taking – taking stock of the future - and really appreciating that all the good news that was possible in early 2021 we’ve actually borrowed it from 2021 and made it happen in December of 2020.” Intel was the leading gainer on the Dow and S&P, jumping nearly 5%.

Reuters reported that Dan Loeb’s activist hedge fund Third Point is pushing the semiconductor maker to explore strategic alternatives.

That could lead to a major shakeup at Intel.

Shares of Boeing inched higher.

Its 737 MAX plane that had been grounded since March 2019 after two fatal crashes resumed passenger flights Tuesday for the first time in the U.S. Snapchat owner Snap snapped a six-day losing streak, rising 6%.

Shares jumped after Goldman Sachs significantly hiked its price target, citing tech innovations and product partnerships that could boost revenue growth.