(CNBC) — U.S. stocks declined on Tuesday, with the S&P 500 backing off from a record close, as investors weighed a decline in consumer confidence and better-than-expected earnings from home-improvement retailer Home Depot.
“The S&P took another run above 1,850 in late morning trade but it was short-lived,” Elliot Spar, market strategist at Stifel, Nicolaus & Company, noted in afternoon emailed commentary.
Shares of Boeing fell after U.S. Senator John McCain, R-Ariz., told Reuters that a proposed sale of Apache attack helicopters to Iraq should be reviewed in light of a report that Iraq had signed a deal to sell Iran arms worth $195 million. The White House on Tuesday said it had raised concerns about the reported arms deal with Iraq’s government, which denied in a press release that any deals had been inked.