What happened to the stock market Tuesday: Stock rally loses steam

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People walk by the New York Stock Exchange (NYSE) on March 09, 2020 in New York City.

Spencer Platt | Getty Images

Dow Jones Industrial Average fell 26 points

The Dow lost 26.13 points, or 0.12%, to 22,653.86. The S&P 500 fell 0.16% to 2,659.41. The Nasdaq Composite dropped 0.33% to 7,887.26. Stocks gave up a massive rally from earlier in the day as Wall Street assessed the latest news on the coronavirus outbreak. 

Good news on the virus front

In the U.S., the number of new cases appears to have fallen in recent days from their recent peak. On Tuesday, New York Gov. Andrew Cuomo reported hospitalizations in the state are slowing. Italy and Spain, two of the hardest-hit countries, are also seeing new cases fall off. In Asia, South Korea reported less than 50 new cases of infection for the second day running. China also posted no new deaths as of April 6 for the first time since January.

Dow Inc, cruise stocks lead the gains

Dow Inc. was among the best-performing stocks in the 30-stock average, climbing 5.86%. Cruise stocks got a boost after the Saudi sovereign wealth fund disclosed an 8.2% stake in Carnival, sending the stock up 10.68%. Norwegian Cruise Line and Royal Caribbean gained 9.99% and 13.31%, respectively.

What happens next?

Wall Street will look for more signs of improvement regarding the coronavirus. Minutes from the Federal Reserve’s emergency minutes are due for release Wednesday.

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