Jan 16, 2018

Market closes lower after morning rally

Image: Drew Angerer / Getty Images

The Dow, Nasdaq and S&P 500 all closed lower on Tuesday, despite setting record highs earlier in the session.

Here's where they closed:

  • Dow Jones: 25,792.86 (-0.04%)
  • Nasdaq: 7,224.00 (-0.51%)
  • S&P: 2,776.42 (-0.35%)

Why it matters: The Dow briefly traded above 26,000 for the first time, the fastest 1,000 point rise in index history, before falling back down to Earth. Analysts say investors are likely weighing the possibility of a government shutdown, which has historically caused the market to drop, according to CNBC.

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Timeline: The India-Pakistan conflict over Kashmir

Illustration: Aïda Amer/Axios

The deadly protests during President Trump's visit to India between Muslims and Hindus flared over a new citizenship law, which critics say is anti-Muslim, are the latest clash between adherents of the two religions.

The big picture: Predominantly Hindu India officially removed special privileges in August for its only Muslim-majority state, Jammu and Kashmir region, exacerbating tensions with Pakistan. The dispute over Jammu and Kashmir, which lies between India and Pakistan and is partially controlled by both countries, dates back seven decades. It has sparked three wars and sporadic threats of nuclear conflict. India is now attempting to change the status of Jammu and Kashmir, prompting Pakistan to warn of “impending genocide.”

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Coronavirus spreads to new countries, while U.S. confirms 57 cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Public health officials confirmed Tuesday the U.S. has 57 people with the novel coronavirus, mostly those repatriated from the Diamond Princess cruise ship — an increase they had expected after the passengers were allowed to return home from Japan against their initial advice.

The big picture: COVID-19 has killed more than 2,700 people and infected more than 80,000 others, mostly in mainland China. There's only been two cases of person-to-person infections in the U.S. so far, but the Centers for Disease Control and Prevention is now warning that Americans should prepare for a much broader outbreak here.

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