The S&P 500 advanced modestly on Tuesday to its highest close since 2023 began as Wall Street digested a recent rally that led the broad index to its highest level in nine months.
The S&P 500 added 0.24%, trading near a nine-month high, to finish at 4,283.85. It was also the highest close for the broad-market index dating back to August 2022. The Nasdaq Composite climbed 0.36% to end at 13,276.42 — also a closing high in 2023. The Dow Jones Industrial Average eked out a narrow gain of 0.03%, or 10.42 points, to close at 33,573.28, as losses of more than 2% in Merck and UnitedHealth weighed on the blue-chip average.
Coinbase dropped more than 12% after the Securities and Exchange Commission sued the crypto company. The SEC alleged Coinbase was acting as an unregistered broker and exchange. Bitcoin rose more than 6%, according to CoinMetrics.
Apple shares shed 0.2% a day after the tech giant debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference. In the previous session, the stock hit an all-time high ahead of the announcement.
Markets may avoid big swings as investors ready for next week's Federal Reserve policy meeting, said Jeff Kilburg, CEO of KKM Financial. Still, he said it's worth noting that the market has stayed above the range seen in recent months.
"It really seems like we're kind of in a holding pattern," he said. "With the Fed next week, people are kind of taking a breath."