Stocks Ended Sharply Lower, Oil Tumbled

U.S. stocks ended sharply lower on Tuesday after the torrid trading session pushed the S&P 500 and the Dow into the red for the year. The Dow Jones Industrial Average dropped 551.80 points, or 2.21%, to 24,465.64. The S&P 500 sank 48.84 points, or 1.82%, to 2,641.89. The Nasdaq Composite retreated 119.65 points, or 1.70%, to 6,908.82.

Oil prices tumbled Tuesday, with the U.S. benchmark finishing at its lowest in over a year, as investor attention remained fixed on supply ahead of a key meeting of major oil producers early next month. January West Texas Intermediate crude dropped $3.77, or 6.6%, to settle at $53.43 a barrel. January Brent shed $4.26, or 6.4%, to $62.53 a barrel.

Autodesk Inc. (ADSK)’s quarterly results and outlook topped Wall Street views.The company reported a third-quarter loss of $23.7 million, or 11 cents a share, compared with $119.8 million, or 55 cents a share, in the year-ago period. Revenue rose to $660.9 million from $515.3 million in the year-ago quarter.

Target (TGT) reported a margin decline to 28.7% during the third quarter. Target reported a 5.3% increase in comparable traffic, 5.1% growth in same-store sales, and 49% digital sales growth. Revenue came to $17.8 billion, up from $16.9 billion last year.

About the Author

has written 11188 stories on this site.

Copyright © 2012 Nine Stocks