Stocks Closed Mixed amid Global Concerns

U. S. stocks cut earlier sharp losses and closed mixed on Tuesday as global economic concerns weighed on the markets. The Dow Jones industrial average fell 51.28 points, or 0.29%, to 17,801.20. The Standard & Poor’s 500 fell 0.49 point, or 0.02%, to 2059.82. The Nasdaq composite gained 25.77 points, or 0.54%, to 4766.46.

The U.S. Federal Reserve on Tuesday proposed requiring eight of the largest U.S. banks to hold an extra capital cushion, and said the firms will need even more equity if they rely heavily on short-term wholesale funding.

Brent prices ended higher on Tuesday after a 5-year low and five straight days of losses. U.S. crude finished up 77 cents at $63.82 a barrel, after swinging between a high of $64.20 and low of $62.25.

Citigroup Inc will record $2.7 billion in litigation expenses and another $800 million in repositioning charges, leaving the third-largest U.S. bank “marginally profitable” in the fourth quarter.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks