U.S. equities closed mixed on Tuesday as investors continued to shrug off news coming out of Washington.
The S&P slipped 0.1 percent after hitting an all-time intraday high, with utilities leading decliners. "You're at a point where we have enough cash that wants to come into the market, but valuations are high," said Tom Martin, senior portfolio manager at Globalt. "That's why we can't go much higher."
Health care was also among the laggards, dropping 0.4 percent after Pfizer's stock was downgraded to sell from neutral at Citi.
Bob Phillips, managing principal at Spectrum Management Group, said the fall in health care is also reflective of uncertainty surrounding government legislation on health care.
A bill aimed at repealing and replacing Obamacare after it passed the House, but Phillips said: "What the Senate is going to do [on health care] is anybody's guess."
The Nasdaq composite managed record highs on an intraday and closing basis, rising 0.3 percent. The tech-heavy index also posted a three-day winning streak and has closed higher in eight of the last 10 sessions.
The S&P and Nasdaq have managed record highs recently despite an array of mixed news coming out of Washington.