The stock market edged lower on Tuesday, as the S&P 500 logged its third straight day of losses. It's yet another sign that the day-to-day gyrations of the market aren't often conducive to common sense analysis -- a $900 billion pandemic relief package that Wall Street and Main Street have been eagerly awaiting for months was finally signed by both houses of Congress.
The Dow Jones Industrial Average lost 200 points, or 0.67%, to finish at 30,015.
The government is suing everyone. The year 2020 has been one long field day for corporate lawyers, as further evidenced by news Tuesday that the Justice Department is suing Walmart (ticker: WMT) for allegedly fueling the opioid crisis.
The Justice Department, which is also going after Big Tech companies like Facebook ( FB) on antitrust grounds, accuses Walmart of demanding a dizzying pace of prescription fills from its understaffed pharmacies, allowing questionable prescriptions for addictive opioids to be easily filled.
Walmart denies the charges. Shares for the large retailer were down 1.2% on Tuesday.
Crazy for the blockchain. Publicly traded Bitcoin miner Riot Blockchain ( RIOT) jumped by more than 32% on Tuesday, as it announced the purchase of 15,000 more mining machines. The machines won't begin to be delivered and deployed until the May to October period of 2021, but the company expects the new machines to expand its mining capacities by 65%.
Shares of RIOT have gone parabolic in 2020, fueled by the rise of Bitcoin. The stock has traded for as little as 51 cents a share in the last year, but the stock hit a 52-week high Tuesday and closed at $14.64.
Apple car? Renewed reports of an Apple ( AAPL) car caused shares of the tech giant to advance nearly 2.9% on Tuesday. Although the topic has been fodder for much speculation in recent years, analysts are of mixed minds about whether it's worth Apple's time and money to enter the cost-heavy automotive industry.
A Reuters report said the company could begin producing its own vehicle by 2024.