Stocks slip on Spain, Earnings worries
U. S. stocks ended little changed in a volatile session on Tuesday, pressured by concerns ahead of quarterly reports on earnings and outlooks, as traders mulled Spain’s prospects for a bailout request and credit-rating downgrade. The Dow Jones Industrial Average fell 32.75 points, or 0.24%, to close at 13,482.36. The S&P 500 edged up 1.26 point, or 0.09%, to 1,445.75. The Nasdaq Composite tacked on 6.51 points, or 0.21%, to 3,120.04.
Bill Gross, founder and co-chief investment officer of bond giant PIMCO, said he sees the U.S. going the way of Greece if it does not get its fiscal house in order.
Data storage-systems company Xyratex Ltd.(XRTX) late Tuesday said fiscal third quarter net earnings were $7.7 million, or 28 cents a share, down from $9.7 million, or 32 cents a share, a year ago. Adjusted earnings were 37 cents a share. Revenue for the most recent period declined to $275.7 million from $361.8 million.