Stocks closed lower on Wall Street after a wobbly day, giving back some of their big gains from a day earlier. The S&P 500 lost 0.8% Tuesday after flipping between small gains and losses throughout the day. A day before, it leaped 2.4% for its best performance since June. The S&P 500 fell 31.53 points, or 0.8%, to 3,870.29. The Dow Jones Industrial Average fell 143.99 points, or 0.5%, to 31,391.52. The Nasdaq fell 230.04 points, or 1.7%, to 13,358.79. Tech stocks were weak again on Tuesday, but strategists along Wall Street remain fairly optimistic, saying stocks in other areas of the market are likely to rise with expectations for the economy's improvement later this year.
Gains for banks, energy producers, and other companies whose profits are closely tied to the economy's strength can help offset a pullback for tech stocks, which have been driving the market for years, the thinking goes. Zoom Video Communications, the company whose software helps students and workers around the world talk with each other from a distance, fell 7% as concerns over slower subscriber growth offset its otherwise solid quarterly financial report and forecast, the AP reports. One of the biggest gains in the S&P 500 came from Nielsen Holdings, whose ratings data helps companies choose which television shows to advertise on. It rose 7.7% after signing a deal with Roku to help measure audiences for streaming content.
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