Wall Street ends May with whimper, Dow Jones loses 223 points

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NEW YORK, New York – U.S. stocks emerged from the long weekend Tuesday to mark stocks lower.

“The market is digesting the sharp rally late last week and trying to figure out its footing,” Peter Boockvar, Chief Investment Officer of Bleakley Advisory Group, said Tuesday. “We’re still far from being out of the woods here in terms of the major overhangs, being inflation, monetary tightening, and rising rates.”

The Dow Jones industrials tumbled 222.84 points or 0.67 percent to close Tuesday at 32,990.12.

The Nasdaq Composite declined 49.74 points or 0.41 percent to 12,081.39.

The Standard and Poor’s 500 gave up 26.09 points or 0.63 percent to 4,132.15.

On foreign exchange markets, the U.S. dollar drifted higher. The euro eased to 1.0734. The British pound was friendless at 1.2603. The Japanese yen fell sharply to 128.76. The Swiss franc was little changed at 0.9596.

The Canadian dollar edged up to 1.2648. The Australian dollar fell to 0.7179. The New Zealand dollar eased to 0.6517.

On overseas equity markets, stocks were mixed. In Europe, the German Dax finished 1.29 percent lower. The CAC 40 in Paris, France fell 1.43 percent. London’s FTSE 100 edged up 0.10 percent.

In Japan, the Nikkei 225 dipped 89.63 points or 0.33 percent to close Tuesday at 27,279.80.

China’s Shanghai Composite advanced 37.37 points or 1.19 percent to 3,186.43.

The Australian All Ordinaries fell 67.40 points or 0.90 percent to 7,455.20.

In New Zealand, the S&P/NZX 50 tumbled 163.84 points or 1.46 percent to 11,308.34.

South Korea’s Kospi Composite added 16.24 points or 0.61 percent to 2,685.90.

In Hong Kong, the Hang Seng gained 291.27 points or 1.38 percent to 21,418.30.