U.S. stocks close lower on government shutdown concerns

NEW YORK, Jan. 16 (Xinhua) -- U.S. stocks ended lower on Tuesday, after touching record highs earlier in the session, as investors weighed the possibility of a government shutdown.

The Dow Jones Industrial Average lost 10.33 points, or 0.04 percent, to 25,792.86. The S&P 500 erased 9.82 points, or 0.35 percent, to 2,776.42. The Nasdaq Composite Index was down 37.38 points, or 0.51 percent, to 7,223.69.

Congress needs to pass a spending bill by Friday to avoid a government shutdown, according to CNBC. Analysts said a point of contention between Republicans and Democrats is an immigration bill which Democrats want to pass, which have complicated efforts to keep the government open.

Historical data showed that the S&P 500 averages a negative return of 0.3 percent one week after the government shuts down, according to market analysts.

U.S. stocks rallied earlier on Tuesday, with the Dow touching 26,000 for the first time, as key corporate earnings came out better than expected.

Earnings season is off to a strong start thus far. According to financial research company FactSet, of the S&P 500 companies that had reported as of Friday, 69 percent have surpassed earnings-per-share estimates while 85 percent have beaten expectations on the top line. Enditem