Stocks Ended Lower on Europe Concerns

U.S. stocks on Tuesday closed lower on Tuesday as German growth data and a meeting of French and German leaders failed to ease worries about the euro zone debt crisis. The Dow Jones Industrial Average ended down 76.97 points, or 0.67%, to 11,405.93. The S&P 500 slid 11.73 points, or 0.97%, to 1,192.76. The Nasdaq Composite lost 31.75 points, or 1.24%, to 2,523.45.

Germany’s economic growth nearly ground to a halt in the second quarter, highlighting fears that the so-called Wirtschaftswunder in Europe’s largest economy may be coming to an end. Gross domestic product rose 0.1% in the April- June quarter from the preceding three months, the German statistics institute reported Tuesday, citing seasonally adjusted data. The figures mark a sharp slowdown after German GDP expanded 1.3% in the first quarter.

German Chancellor Angela Merkel and French President Nicolas Sarkozy detailed plans for closer euro zone integration but they did not include boosting the size of the euro zone’s rescue fund or sales of euro bonds.

Dell Inc posted quarterly revenue slightly below expectations and said sales for the present quarter would be flat, sending its shares down 4.9 percent in after-hours trading. The company said it was revising its full-year revenue growth outlook to 1 percent to 5 percent from its previous range of 5 percent to 9 percent.

Crude-oil futures fell 1.4% Tuesday, pressured by a stronger U.S. dollar and weaker global demand prospects. Crude for September delivery shed $1.23 to close at $86.65 a barrel on the New York Mercantile Exchange.


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