New York, Apr 8 (IANS): US equities surrendered their earlier gains to finish lower as market momentum eased in late session.

On Tuesday, the Dow Jones Industrial Average fell 26.13 points, or 0.12 per cent, to close at 22,653.86. The S&P 500 was down 4.27 points, or 0.16 per cent, to 2,659.41. The Nasdaq Composite Index decreased 25.98 points, or 0.33 per cent, to 7,887.26, reported Xinhua news agency reported

The major averages rallied earlier in the session with the 30-stock index surging more than 900 points at the highs.

On the data front, small-business owners' confidence in the U.S. economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB).

The NFIB Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey's history, the group said Tuesday in a report.

Investors digested latest news concerning the COVID-19 pandemic.

As of Tuesday afternoon, more than 386,000 confirmed cases have been reported in the United States, with 12,285 deaths, according to data from the Center for Systems Science and Engineering at Johns Hopkins University.

Wall Street's three major indexes closed up more than 7 percent on Monday, amid hopes for development in the fight against the COVID-19 outbreak.