Wall Street closes mostly lower

By AFP

Bucking the negative trend, the Nasdaq Composite Index rose 17. 92 points, or 0. 39 per cent, to 4598. 19. "We've had a nice run here in the last few weeks," Andy Brooks, head of US equity trading at T. Rowe Price, said. "It's not surprising the market has given a little back.

Many investors say the backdrop for stocks remains positive, as improving economic data and low yields on US Treasurys could continue to boost appetite for stocks. "Every single reasonable-sized panic selloff… has been met with a lot of buying," Viren Chandrasoma, managing director of equity trading at Credit Suisse, said.

Losses came on the first trading day of September, which has historically been a bad month for stocks. "Maybe September will be true to form and be a month to make people nervous," Chris Bertelsen, chief investment officer at Global Financial Private Capital, said.

Even with Tuesday's gains, the 10-year yield remains near its lowest level since June 2013. "Those aren't levels that are going to concern the equity market," Mr Chandrasoma said, referring to Treasury yields.

The Stoxx Europe 600 fell less than 0. 1 per cent Tuesday. "What the ECB is going to say this week is incredibly important," Diane Jaffee, a senior portfolio manager at TCW Group, said.

Shares of Dollar General rose 0. 6 per cent, while Family Dollar shares gained 0. 5 per cent.

Read more here: Business Spectator

    

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