A late afternoon slump leaves major US indexes mostly lower

A late drop robbed the S&P 500 of another record high on Wall Street Monday and left major indexes mostly lower after being up for much of the day. The S&P 500 ended 0.3% lower. It was up as much as 1% earlier.

The Nasdaq fell 1.3% and the Dow Jones Industrial Average eked out a tiny gain.

The market was higher for much of the day as traders were relieved to learn President Joe Biden would renominate Jerome Powell to another term as chair of the Federal Reserve.

The price of gold, a haven for when investors feel anxious, fell.