US markets failed to rebound Tuesday as the major indexes erased early gains and the S&P 500 hit a new low for the year. The S&P 500 turned negative Tuesday afternoon, however managing to stay marginally positive, closing +0.1% after rallying more than 1% earlier in the session. The Dow also managed to hold onto gains, adding 82 points or +0.35% after leaping over 300 points during morning trading. Market participants pointed to growing fears of a government shutdown, a slide in oil prices and worries that the Federal Reserve is going too far with its rate-hiking plans. New comments out of Washington appeared to spark the afternoon selling after Senate Majority Lead Mitch McConnell said that a proposed government funding plan was rejected by his Democrat colleagues. A comeback in technology stocks kept the Nasdaq in the green with Amazon, Apple and Netflix all trading higher, closing +0.45% higher. Facebook stock rallied +2.2% while Google-parent Alphabet added +1.5%.
