NEW YORK—U.S. stocks dipped Tuesday following another day of meandering trading, as Wall Street debates whether the market’s strong recent run is the start of a turnaround or just a temporary blip.
The S&P 500 fell 27.44, or 0.7 percent, to 4,091.19 after drifting between a loss of 0.9 percent and a gain of 0.5 percent through the day. The Dow Jones Industrial Average dropped even more, losing 402.23, or 1.2 percent, to 32,396.17, largely because of a tumble for equipment maker Caterpillar. The Nasdaq composite held up better but still slipped 20.22, or 0.2 percent, to 12,348.76.
Treasury yields climbed through the day as concerns calmed a bit that the first visit by a U.S. Speaker of the House to Taiwan in 25 years could spark conflict between the world’s two largest economies. Analysts also cited comments by Federal Reserve officials that suggested continued hikes to interest rates are coming in order to knock down inflation….