Stocks Fall as Dollar Climbs

U.S. stocks erased gains Tuesday as the U.S. dollar advanced, hitting energy and natural-resource companies. The Dow Jones Industrial Average shed 26.18 points, or 0.2%, to 12,710.11. The S&P 500 index fell 2.66 points, or 0.2%, to 1,349.80. The Nasdaq Composite  climbed 10.31 points, or 0.4%, to 2,921.46.

Research In Motion Ltd.( $RIMM) kicked off its annual shareholders meeting on Tuesday morning with a statement from the company’s board of directors reiterating support for its current management team.

Shares of Applied Materials ($AMAT) fell Tuesday morning shortly after the company cut its fiscal year sales outlook citing a slump in demand for chip-making equipment.  It expects revenue for the year ending in October to fall below its stated outlook of $9.1 billion to $9.5 billion.

Shareholders have approved The Coca-Cola Co.’s first stock split in 16 years. The Atlanta-based company announced the two-for-one split in April, citing its expectation to double revenue over this decade.

About the Author

has written 14908 stories on this site.

Copyright © 2012 Nine Stocks