U.S. stocks were little changed on Tuesday, with the S&P 500 halting its record-smashing run, as investors considered valuations.
Tyson Foods slid after the poultry producer drew a downgrade to underperform from neutral by Credit Suisse; Allergan shares dropped after the Botox maker spurned a revised, unsolicited offer from Valeant Pharmaceuticals International. Apple fluctuated after Irish state broadcaster RTE reported the European Commission would launch a formal probe on Wednesday into the iPhone maker's tax arrangements in Ireland.
"It's a catalyst-light day, but we've been up 11 out of the last 13 days," said Art Hogan, chief market strategist at Wunderlich Securities.
"New records are spectacular, but more important is what multiple are stocks trading at," said Hogan, who pointed out that while the Dow has closed at a record high nine times in 2014, it's up a less-dramatic 2.1 percent for the year.