(Reuters) – The S&P 500 struggled for direction on Tuesday as the risks of reopening the economy too soon overshadowed hopes of a jump-start to a battered global economy, following an easing of virus-led business shutdowns.
FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon
Among the 11 major sectors, financial stocks, which generally lag when the economic outlook dims, weighed the most on the S&P 500.
Also dragging the sector lower was a 5.5% fall in BlackRock Inc, after its top shareholder PNC Financial Services Group Inc planned to sell its entire 22% stake in the world’s largest asset manager.
Optimism about an economic recovery and massive stimulus measures have helped the benchmark index climb about 34% from the lows of a pandemic-driven selloff in March.
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