Stocks Ended Sharply Lower as Global Growth Concerns Weighed
- Tuesday, January 22, 2019, 16:32
- Stock Market
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U.S. stocks closed sharply lower on Tuesday as new signs of slowing global growth continue to emerge. The Dow Jones Industrial Average fell 301.87 points, or 1.22%, to 24,404.48. The S&P 500 dropped 37.81 points, or 1.42%, to 2,632.90. The Nasdaq Composite declined 136.87 points, or 1.91%, to 7,020.36.
Oil futures settled lower Tuesday, after a warning from the International Monetary Fund and weak economic data out of China underlined concerns about global economic growth and energy demand. West Texas Intermediate crude for February delivery fell $1.23, or 2.3%, to settle at $52.57 a barrel. March Brent lost $1.24, or 2%, to end at $61.50 a barrel.
TD Ameritrade Holding Corp. (AMTD) on Tuesday reported fiscal first-quarter profit of $604 million. It had earnings of $1.07 per share. Earnings, adjusted for one-time gains and costs, came to $1.11 per share. The results exceeded Wall Street expectations.
International Business Machines Corp. (IBM) reported earnings and outlook that topped Wall Street views.The company reported fourth-quarter net income of $1.95 billion, or $2.15 a share, compared with a loss of $1.05 billion, or $1.14 a share, in the year-ago period. Adjusted earnings were $4.87 a share. Revenue declined to $21.76 billion from $22.54 billion in the year-ago quarter.
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