Yahoo Finance US stocks retreat; Best Buy lifts dividend
Wall Street stocks Tuesday retreated a day after the Nasdaq topped 5,000 for the first time in 15 years, as electronics retailer Best Buy announced big shareholder payouts.
About 35 minutes into trade, the Dow Jones Industrial Average was at 18,216.72, down 71.91 points (0.39 percent).
The broad-based S&P 500 shed 9.75 (0.46 percent) to 2,107.64, while the tech-rich Nasdaq Composite Index fell 25.78 (0.51 percent) to 4,982.32.
On Monday, the Dow and S&P 500 finished at records, while the Nasdaq closed above 5,000 for the first time since March 2000.
Best Buy raised its dividend by 21 percent, resumed share repurchases and announced a special one-time divided of 51 cents per share after income for the quarter ending January 31 rose 77 percent to $519 million. Best Buy shares rose 1.9 percent.
Alibaba fell 3.0 percent on news that Taiwan demanded the Chinese e-commerce giant exit the island within six months for violating investment restrictions on mainland-controlled firms.
Taiwan officials said Alibaba registered as a foreign company when it was in fact a company from mainland China. Foreign companies face fewer rules than mainland businesses. Alibaba said it would work to get in compliance with the rules.
Citigroup advanced 0.1 percent after announcing the sale of a consumer-lending unit OneMain Financial to Springleaf Holdings for $4.25 billion. Springleaf, which provides personal loans secured by automobiles and other personal property, jumped 27.8 percent.
AutoZone, which sells car parts, advanced 1.8 percent after second-quarter earnings rose 9.8 percent to $211.7 million.
Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.09 percent from 2.08 percent Monday, while the 30-year held steady at 2.69 percent. Bond prices and yields move inversely.
