(CNBC) — U.S. equities closed mixed on Tuesday as investors continued to shrug off news coming out of Washington.
The S&P slipped 0.1 percent after hitting an all-time intraday high, with utilities leading decliners. “You’re at a point where we have enough cash that wants to come into the market, but valuations are high,” said Tom Martin, senior portfolio manager at Globalt. “That’s why we can’t go much higher.”
Health care was also among the laggards, dropping 0.4 percent after Pfizer’s stock was downgraded to sell from neutral at Citi.
Bob Phillips, managing principal at Spectrum Management Group, said the fall in health care is also reflective of uncertainty surrounding government legislation on health care.