U. S. Shares Threaten to End 8 Day Gains

U.S. shares retreated back from record levels on Tuesday’s U. S. session, threatening to disrupt an eight-day gaining sessions for the S&P 500 Index, the first time since 1955. The benchmark index fell by 0.5% in afternoon trading.

The S&P 500 pulled back to end an 8-session winning line of sessions. On Monday, the index closed above 4,700 for the first time.

Although the Dow and Nasdaq gave back gains as well, the indexes were still perched within view of recent record highs.

Equity investors over the past week rode a wave of optimism over solid quarterly corporate earnings and economic reports, which came alongside recent positive data for a new COVID-19 antiviral pill by Pfizer and the passage of a more than $1 trillion infrastructure bill in Congress.