NEW YORK, New York - U.S. stocks lost ground on Tuesday in a choppy day of trading which saw the Standard and Poor's 500 at one stage hit a new time high.
"Anytime you kind of go into a paradigm shift or a regime change value to growth, higher rates - it is never going to be in a straight line and days like this are always a good reminder of that," Ross Mayfield, investment strategist at Baird in Louisville, Kentucky told Reuters Thomson Tuesday.
"There could definitely be some questioning of it, particularly for people who maybe played along with the value rotation and capitalized on the economic reopening projections but aren't as comfortable holding those positions."
At the close on Tuesday, the Dow Jones index had fallen 96.95 points or 0.29 percent to 33,430.24.
The Standard and Poor's 500 lost 3.97 points or 0.10 percent to 4,073.94.
The Nasdaq Composite gave up 7.21 points or 0.05 percent to 13,698.38.
On foreign exchange markets, the U.S. dollar was mixed. Against the euro, it dipped slightly to 1.1870 by the New York close Tuesday.
The British pound was sharply weaker, finishing the day around 1.3827. The Japanese yen strengthened to 109.84. The Swiss franc was also in demand, jumping to 0.9309.
The Canadian dollar was little changed at 1.2572, as was the New Zealand dollar at 0.7052. The Australian dollar edged higher to finishing around 0.7661.
In Europe, the German Dax. closed 0.70 percent higher., The Paris-based CAC 40 added 0.47 percent. In London, the FTSE 100 did best, climbing 1.28 percent.
On Asian markets, in Tokyo the Nikkei 225 shed 392.62 points or 1.30 percent to 29,696.63.
In Australia, the All Ordinaries finished with a major gain. The key index rose 80.80 points or 1.14 percent to 7,145.00.
China's Shanghai Composite closed basically flat, down 1.43 points or 0.04 percent at 3,482.97.
The Hang Seng in Hong Kong was closed.