A mixed trading session ended Tuesday with fresh record highs for parts of Wall Street.
A rare pullback in Apple shares hurt the Dow, which fell 60 points. The S&P 500 gained 12 points. The Nasdaq jumped 86 points. Both settled in record territory.
Investors had dueling economic data to consider. New home sales surged to a more than 13 year high, continuing a string of red-hot sales data from the housing market. But on the downside, consumer confidence plunged to a 6-year low.
Multivariate Managing Partner Max Wolff says the consumer confidence number serves a reminder that this economy still faces a challenging future.
"My real concern is we have a lot of people trying to figure out now that we're through the recession and I hate to be the sort of rain to the parade here- but we haven't actually started it yet. We saw it in the GDP print, the worst GDP print ever recorded basically but we haven't seen it in our hearts and our bones. We haven't felt it because we're still spending a lot of money to cushion - - and we should be but the real 'what do we start to rebuild from' we haven't seen yet."
Underscoring the pain likely to come - American Airlines warned it will layoff 19,000 employees in October unless it gets another round of government payroll aid. The warning sent the stock lower.
And Best Buy warned that sales will slow as it doesn't see the work-from-home boost in demand for computers and laptops extending much further. That took the shine out of better-than-expected quarterly sales and the stock got dumped by four percent.