Not Fade Away: Nasdaq Tumbles 1.1%, S&P Slides as Early Gains Fade

Stocks finished lower today as OPEC-inspired gains in energy stocks weren't enough to offset weakness in utilities, telecom, and consumer staples caused by rising bond yields . The S&P 500 fell 0.3% to 2,198.81 today, while the Dow Jones Industrial Average rose 1.98 points, or 0.01%, to 19,123.58. The Nasdaq Composite fell 1.1% to 5,323.68. The major indexes had been up in early trading . The S&P 500 Energy Sector index gained 4.82%, while the S&P 500 Financial Sector index 1.33%. The S&P 500 Utilities Sector index, however, tumbled 3.18%, while the S&P 500 Telecommunications Sector index fell 2.12%, and the S&P 500 Consumer Staples Sector index dropped 1.65%. The folks at Birinyi Associates note that "markets do not fade away." They explain why: