Market Insider

Recent market rally lacks conviction

U.S. stocks dipped in thin volume on Tuesday, with the and the S&P 500 retreating from Monday's record closing levels as traders found few reasons to buy following a string of gains. A rise in semiconductor companies' shares limited losses.

About half of the 10 primary S&P 500 sector indexes were down for the day, led by telecom, which fell 1 percent.

Monday marked the Dow's second straight record closing high, while it was the third consecutive record close for the S&P 500. However, recent advances were made on light volume, indicating that the rally has lacked conviction.