U.S. stocks ended mixed on Tuesday, with the Nasdaq Composite rallying after stiff losses, as investor concern about the global economy ebbed. Tuesday’s drop had “not much to do with what is going on in the states, there is no shift in fundamentals,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
Rather, developments overseas gave investors “an excuse to take some money off the table,” he added. Another market analyst said investors more worried about the dearth of data to support the notion that lower gasoline prices are translating into increased consumer spending during the holiday shopping season.
“Black Friday is broken, as retailers have extended it now to the whole period. Consumer spending will be stronger this year, but the problem with the market is we haven’t gotten the evidence,” said Andrew Wilkinson, chief market analyst at Interactive Brokers.
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