: Nasdaq, S&P 500 briefly turn lower as stocks pare gains heading into final hour of trading

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U.S. stocks pared earlier gains heading into the final hour of trading on Tuesday, with the Nasdaq Composite COMP, +0.49% and S&P 500 SPX, +0.56% briefly turning lower, as investors grappled with a spate of disconcerting news that helped to diminish investors’ appetite for risk. The S&P 500 was up 16 points, or 0.4% at 3,823 in recent trade after briefly tumbling below 3,800 at around 2:30 p.m. Eastern Time. The Nasdaq Composite was up 24 points, or 0.5%, at 10,588 in recent trade after tumbling below 10,500 about a half hour earlier. The Dow Jones Industrial Average DJIA, +1.02% was up 280 points, or 0.9%, at 33,111 Tuesday afternoon after rising more than 500 points earlier. Traders and market strategists blamed a plethora of factors for the pullback in stocks, including the Binance-FTX deal which some feared might portend more chaos in the cryptocurrency market. Bitcoin was down more than 11% to trade below $18,200 as a result. “The whole thing seems like a giant disaster and it’s one thing after another in the crypto industry,” said Joe Saluzzi, co-head of equity trading at Themis Trading, in a phone call with MarketWatch. On Twitter, analysts blamed comments from a FedEx Corp. FDX, +0.19% executive. Finally, Art Hogan, chief market strategist at B.Riley Wealth, blamed reports about issues with voting machines, which he said could prolong the uncertainty surrounding the results of the election. “It’s a jittery market and it doesn’t take much to tip over the apple cart,” he said.

This article was originally published by Marketwatch.com. Read the original article here.

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