Wall Street hits the brakes after strong, weeks-long rally

Wall Street hit the brakes Tuesday, a day after its remarkable, weeks-long rally brought the S&P 500 back to positive for the year and the Nasdaq to a record high. The S&P 500 was down 0.9%, as of 6:45 a.m. Eastern time, and on pace for its largest loss in three weeks. The Dow Jones industrial average was down 287 points, or 1%, to 27,284, and the Nasdaq composite was down 0.2%. Skeptics have been saying for weeks that Wall Street’s huge rally, which reached 44.5% between late March and Monday, may have been overdone. The economy has given glimmers of hope...