Stocks Fell in Volatile Session

U.S. stocks ended lower in volatile trading on Tuesday, as a drop in the Russian rouble added to worries about the global economy. The Dow Jones industrial average fell 111.97 points, or 0.65%, to 17,068.87, the S&P 500 lost 16.89 points, or 0.85%, to 1,972.74. The Nasdaq Composite dropped 57.32 points, or 1.24%, to 4,547.83.

Despite the Russian central bank’s extraordinary move to defend the currency, the ruble’s value continued to slide on Tuesday. The ruble traded at 72 per dollar late Tuesday afternoon.

Housing starts and building permits both fell in November, the Commerce Department reported Tuesday. Analysts had expected modest gains. The number of building permits issued dipped 5.2 percent from its six-year high recorded in October, while housing starts – which counts the actual beginning of construction – declined 1.6 percent.

General Electric Co. said Tuesday that its earnings next year would likely come in lower than Wall Street has expected, as the drop in oil prices weighs on earnings at its big oil and gas business. The company forecast industrial earnings next year of between $1.10 and $1.20 a share while earnings from its GE Capital finance unit will be about 60 cents a share, for a total of $1.70 to $1.80 a share.

Darden Restaurants (DRI) reported better-than-expected fiscal second-quarter profit and sales. For the quarter ended Nov. 23, the net loss was $32.8 million, or 26 cents a share, compared with a profit of $19.8 million, or 15 cents a share, in the year-earlier period.

New York-traded crude-oil futures limped across the finish line Tuesday closing up 2 cents. Light, sweet crude for delivery in January rose 2 cents, or 0.04%, to settle at $55.93 a barrel on the New York Mercantile Exchange.