Dow retreats from record, falls nearly 130 points ahead of Fed rate guidance; European markets close higher on recovery hopes; Fed in focus; VW up 6% 
The Dow fell from its record high and snapped a seven-day winning streak on Tuesday ahead the Federal Reserve’s upcoming policy announcement. The Dow Jones Industrial Average fell about 129 points, or 0.4%, to 32,825.95. The S&P 500 slipped 0.2% after setting a record high intraday and finished at 3,962.71, while the tech-heavy Nasdaq Composite clung to a gain of about 0.1% to close at 13,471.57. 
The market on Tuesday was supported by megacap tech stocks, with Apple and Google-parent Alphabet each rising 1.3% and 1.4% and Amazon adding 0.3%. Apple and Amazon have underperformed in recent months as investors have shifted from growth stocks to value plays, but some of the more mature tech stocks now appear less expensive, according to some strategists. 

The pan-European Stoxx 600 finished up 0.8%, with autos climbing 2% to lead gains while oil and gas stocks fell 1%. 
Volkswagen is targeting 5%-6.5% operating margin this year and 7%-8% in the ensuing years, as it eyes cost cuts and an ambitious expansion into the electric vehicle market. Shares of the world’s second-largest automaker surged 6.7%. 
German car battery manufacturer Varta soared more than 14% to lead the Stoxx 600 after announcing that it will start producing battery cells for electromobility. 
Source: CNBC