The stock market fell on Tuesday, giving up its early gains, as enthusiasm about the latest strong economic data faded and concerns about the conflict in Iraq prompted investors to book profits after the most recent rally.
The Dow Jones industrial average fell 119.13 points, or 0.70 percent, to close at 16,818.13, according to preliminary figures. The Standard & Poor's 500-stock index lost 12.63 points, or 0.64 percent, to 1,949.98. The Nasdaq composite dropped 18.32 points, or 0.42 percent, to 4,350.36.
In the latest signs of improving economic conditions, consumer confidence surged more than expected in June, while new home sales in May rose more than anticipated in the latest evidence that the economy has regained momentum after stalling during harsh winter conditions.
Before the afternoon sell-off, the market's early gains had lifted the S.&P. 500 as high as 1,968.17, another intraday record.
"The market obviously responded well to the good economic data earlier — the housing data and of course, the consumer confidence," said Peter Cardillo, chief market economist at Rockwell Global Capital. "But the market is basically in a standstill here. I kind of suspect this is what we are going to see as the quarter comes to a draw."
Consumer confidence hit its highest level since January 2008 in June, while new home sales jumped 18.6 percent to a six-year high in May. The PHLX housing index rose 0.6 percent.
The S.&P./Case-Shiller composite index, however, showed single-family home prices rose less than expected in April.
The Nasdaq was initially bolstered by Vertex Pharmaceuticals, the S.&P. 500's biggest gainer by far. Vertex's shares soared more than 40 percent after the company said a combination of drugs designed to treat cystic fibrosis had succeeded in improving lung function in a pair of closely watched late-stage clinical trials.
Micron Technology rose 4 percent after the company reported third-quarter results and a revenue outlook that both exceeded analysts' expectations. The stock is up more than 43 percent this year and more than tripled over 2013.
Abbott Laboratories fell 0.7 percent after the company agreed to buy the Russian drugmaker Veropharm for up to $495 million.
Walgreen fell 1.7 percent after the nation's biggest drugstore chain reported disappointing third-quarter results.
IntercontinentalExchange fell 4 percent, making it one of the S.&P. 500's biggest decliners, after Wells Fargo downgraded the exchange to "market perform" from "outperform."
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