S&P in red as Wall Street rally fades

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 26, 2018. REUTERS/Jeenah Moon

(Reuters) – The S&P 500 .SPX slipped into the red on Monday, reversing course after having risen more than 1 percent earlier in the session and pushing the benchmark index closer toward bear market territory.

The Dow Jones Industrial Average .DJI also gave up gains of more than 1 percent to head lower. The blue-chip index was down 69.60 points, or 0.32 percent, at 21,722.60 at 10:56 a.m. ET.

The S&P 500 was down 3.11 points, or 0.13 percent, at 2,347.99, while the Nasdaq Composite .IXIC was up 24.23 points, or 0.39 percent, at 6,217.15.

The Nasdaq had jumped more than 2 percent earlier in the day, boosted by technology stocks and an Amazon.con Inc-led (AMZN.O) rally in retailers.

Reporting by Savio D’Souza in Bengaluru; Editing by Anil D’Silva

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