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Stocks finished lower in volatile trading Tuesday, dragged by industrials, after a batch of profit warnings overshadowed earlier optimism that Germany's top court will approve the euro zone's new bailout fund.
“We’re in a sideways market—everyone’s concerned about this earnings season and nothing in Europe’s been solved,” said Joe Saluzzi, co-manager of trading at Themis Trading. “You’re seeing a lot of anxiety and hope for some sort of stimulus program, although the Fed backstop may not work anymore since it’s starting to lose a bit of power.”
The Dow Jones Industrial Average fell 83.17 points, or 0.65 percent, to close at 12,653.12, finishing lower for the fourth-straight session. Alcoa and Caterpillar led the laggards. The blue-chip index was up 94 points at session highs.
The S&P 500 slumped 10.99 points, or 0.81 percent, to finish at 1,341.47. The Nasdaq dropped 29.44 points, or 1 percent, to end at 2,902.33.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped near 19.
Most key S&P sectors finished lower, led by industrials and materials, while utilities eked out small gains.
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