Dow closes at record high, but broader market sinks

October 02, 2018 - 3:30 pm

NEW YORK (AP) -- Stocks are ending mostly lower as small companies fall again, even as gains by a handful of big companies push the Dow Jones Industrial Average to an all-time high.

Retailers, airlines and automakers fell Tuesday, dragging broad market indexes lower on Tuesday. 

Amazon dragged other retailers lower after saying it would raise its minimum wage for all U.S. workers to $15 an hour, putting pressure on other companies to follow suit. 

Stitch Fix, an online clothing seller, plunged 35 percent after its user totals fell short of analysts' forecasts. 

The S&P 500 slipped 1 point to 2,923.

The Dow rose 122 points, or 0.5 percent, to 26,773, driven by gains in Boeing, 3M and Caterpillar. The Nasdaq fell 37 points, or 0.5 percent, to 7,999.

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