Stocks Fell Sharply, Extending Selloff

U.S. stocks ended sharply lower on Tuesday as ongoing economic concerns sent traders dashing out of equities. The Dow Jones Industrial Average lost 213.66 points, or 1.65%, to 12,715.93. The S&P 500 fell 23.61 points, or 1.71%, to 1,358.59. For both, it was the fifth straight session of losses. The Nasdaq Composite fell 55.86 points, or 1.83%, to 2,991.22, its first close below 3,000 in nearly a month.

Alcoa reported first quarter results that topped expectations on both the top and bottom lines as revenue surged to a record high, the company said this afternoon. Net income sharply beat estimates at $105 million, or $0.10 per share. Revenue also topped expectations, up nine percent year-on-year to $6.0 billion even as realized aluminum prices declined.

As Best Buy Co. moves on without its 28-year veteran and Chief Executive Brian Dunn, the search for a new boss in the midst of company restructuring has left investors with more concerns about the struggling retailer.

Treasury prices rose for a fifth session on Tuesday, pushing 10-year yields below 2% for the first time in a month, as Spanish debt sold off, reviving worries about Europe’s sovereign debt problems. Yields on 10-year notes fell 6 basis points to 1.99%, after touching 1.97% intraday.

Crude-oil futures ended 1.4% lower on Tuesday. Crude for May delivery retreated $1.44 to end at $101.02 a barrel on the New York Mercantile Exchange, extending losses to a second day and settling at its lowest since February.

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