NEW YORK (Reuters) – The Dow and SP 500 advanced for a second day on Tuesday as consumer confidence data was stronger than expected and investors eyed further progress on a solution to Europe’s fiscal mess.
But weak financial shares limited the advance, with the SP financial index (.GSPF) down 0.4 percent. Shares of Bank of America (BAC.N) dropped 2.7 percent to $5.11, on track for their worst close since March 2009. The Nasdaq also was lower.
“There seems to be some movement on the European front, but things certainly haven’t been resolved. Financials are taking a step back, and are kind of keeping a cap on the market as a whole,” said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas.
In a positive sign for the euro zone, Italian bond yields fell from session highs, though they were still at record high rates. In the auction, Italy’s government
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