Stocks Ended Sharply Lower as Global Growth Concerns Weighed

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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