Stocks Fall from Latest Records; Auto Sales Soft

U.S. stocks fell on Tuesday after a weak auto sales report. At close, the Dow Jones industrial average fell 85.26 points, or 0.47%, to 18,203.37. The S&P 500 lost 9.61 points, or 0.45%, to 2,107.78. The Nasdaq Composite dropped 28.20 points, or 0.56%, to 4,979.90.

For the second year in a row, tough winter weather slowed U.S. vehicle sales in February, with several major automakers missing analysts’ projections and dampening bullish expectations.

Best Buy boosted revenue by 1.3% in the fourth quarter to $14.2 billion. Revenue was lifted by sales of big screen TVs and mobile phones. And counting special items, the store chain beat analysts’ forecasts in the fourth quarter with diluted earnings per share of $1.47 for continuing operations.

Target Corp. plans $2 billion in cost cuts over the next two years through corporate restructuring and other improvements.

A $4 billion tie-up between former subprime lending units of two firms that were at the center of the financial crisis shows there’s still big business in providing loans to less-than-stellar borrowers.