Stocks Closed Lower for Third Session

U.S. stocks closed lower for a third straight session on Tuesday on fears Europe is failing to tackle its debt crisis. The Dow Jones Industrial Average lost 100.96 points, or 0.90%, to 11,139.30. The S&P 500 ended down 8.73 points, or 0.74%, to 1,165.24. The Nasdaq Composite lost 6.50 points, or 0.26%, to 2,473.83.

Shares of big banking companies fell sharply Tuesday on fears that the European debt crisis could spell more losses and volatility in the financial sector. Tuesday’s market turmoil came on the heels of a disappointing summer for banks. 

Daily deals website Groupon is going to wait at least a couple of weeks before launching the final phase of its initial public offering because regulators still have questions for the daily deals website.

A negative review from Food and Drug Administration staff bodes ill for a new blood thinner from Johnson & Johnson. An FDA staff report released Tuesday recommends against approving Xarelto for preventing strokes in patients with a common irregular heart rhythm called atrial fibrillation. It says an additional study is needed.

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