NEW YORK, New York - Sellers were in charge during low-volume post-Christmas trading on Wall Street on Tuesday.
"Higher Treasury yields are pressuring growth stocks, and on the other hand, industrials, utilities, and energy are outperforming," Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska told Reuters news agency Tuesday.
"Money's flowing out of the growth areas and working its way to the value side of things, which is a microcosm of what we've seen all year."
"It's important to remember that there are other groups that can take up the baton when the high-flyers come back to earth," Detrick said.
"It was a bad year for stocks but a worse year for bonds. That's extremely rare."
"It's an unfortunate reminder that the markets can sometimes surprise," Detrick said.
The Dow Jones industrials at least managed a small gain. The key index rose 37.63 points or 0.11 percent to 33,241.56.
The Nasdaq Composite retreated 144.64 points or 1.38 percent to 10,353.23.
The Standard and Poor's 500 dropped 15.57 points or 0.40 percent to 3,829.25.
The U.S. dollar was mixed despite higher bond yields. The euro edged up to 1.0641 by the New York close Tuesday. The British pound dipped to 1.2020. The Japanese yen was weaker at 133.50. The Swiss franc firmed to 0.9289.
The Canadian dollar strengthened to 1.3519., The Australian dollar was in demand at 0.6731. The New Zealand dollar slipped to 0.6277.
Many stock exchanges around the world, including in the UK, Australia, and Hong Kong, remained closed for the Christmas holidays on Tuesday.
China's Shanghai Composite was trading, finishing the day ahead 0.98 percent. In Japan, the Nikkei 225 bgaine d0.16 percent.
The German Dax added 0.39 percent. In Paris, France, the CAC 40 advanced 0.70 percent.
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