Dow's record run done
Stocks end mixed, with blue-chip leader ending its historic winning streak, tying an 80-year-old record.
NEW YORK (CNNMoney.com) -- The Dow Jones industrial average closed lower Tuesday, ending its bid to claw out the longest up streak in Wall Street's history.
The Dow (down 3.90 to 13,309.07, Charts) ended about 4 points lower, after finishing with record closes for five sessions in a row. The blue-chip barometer has risen in 24 of the last 27 sessions - a feat last achieved almost 80 years ago.
The broader S&P 500 index (down 1.76 to 1,507.72, Charts) fell slightly after ending the previous session less than 20 points from its record high hit in March 2000. That was at the tailend of the market's last big rally, fueled by the 1990s tech boom.
The tech-heavy Nasdaq composite (up 0.80 to 2,571.75, Charts) ended little changed, not far from a six-year high.
Treasury prices were little changed and the dollar was mixed versus other currencies as investors geared up for Wednesday's Federal Reserve policy meeting.
Oil prices rose and gold prices fell.
Here's what was moving near the close.
The stock market has marched higher in recent weeks, and investors are ready for a breather, said John Wilson, chief technical strategist at Morgan Keegan.
"This has been the longest Dow up streak since 1927, so I think we just need a little rest," he said.
Investors were also holding back ahead of the Federal Reserve policy meeting on Wednesday, said Todd Clark, director of stock trading at Nollenberger Capital Partners.
That's giving people reason to pause, but the consolidation in the market is healthy, he said.
Central bank policymakers are widely expected to keep a key short-term interest rate unchanged at 5.25 percent, as they have for the previous six meetings.
But investors as always will be focused on what the accompanying statement says about the economy and the future of Fed rate policy.
On the move
In corporate news, the SEC charged a Hong Kong couple with insider trading related to their purchase of Dow Jones (Charts) stock before the announcement of News Corp.'s (Charts, Fortune 500) $5 billion takeover bid.
Reuters (down $1.09 to $75.41, Charts) and Thomson (down $1.53 to $41.30, Charts) confirmed that they are considering a merger that would value Reuters Group at $17.7 billion and create the world's biggest news and financial data company.
Arcelor Mittal, a Netherlands-based steel producer, is reportedly considering buying U.S.-based AK Steel for nearly $4.5 billion. Arcelor (down $1.08 to $56.40, Charts) shares fell 2 percent, while AK Steel (up $2.96 to $35.02, Charts, Fortune 500) jumped 8 percent.
In earnings news, Dow component and tech leader Hewlett-Packard (up $1.21 to $45.01, Charts, Fortune 500) said second-quarter earnings and revenue will top estimates, thanks to strong sales of personal computers and servers. Shares gained 2.5 percent.
Market breadth was negative. On the New York Stock Exchange, losers beat winners by a margin of 5 to 3 on volume of 1.1 billion shares. On the Nasdaq, decliners topped advancers by a margin of 3 to 2 on volume of 1.5 billion shares.
U.S. light crude oil for June delivery gained 79 cents to $62.26 a barrel on the New York Mercantile Exchange.
COMEX gold for June delivery fell $3 to $687.40 an ounce.
Treasury prices were little changed, with the yield on the benchmark 10-year note steady at the 4.63 percent level reached late Monday.
In currency trading, the dollar gained against the euro but fell versus the yen.