Stocks closed lower Tuesday after fresh signs of a softening economy and renewed Chinese trade tensions worried investors. Disappointing earnings, weaker-than-expected home sales and…
Stocks closed lower Tuesday after fresh signs of a softening economy and renewed Chinese trade tensions worried investors.
Disappointing earnings, weaker-than-expected home sales and the continuing government shutdown did little to boost the markets.
The Dow Jones industrial average lost 301 points, or 1.22 percent, to end at 24,404.48 on Tuesday. The Standard & Poor’s 500 index fell 38 points, or 1.42 percent, to close at 2,632.90
The tech-heavy Nasdaq composite dropped 137 points, or 1.91 percent, to 7,020.36. The Russell 2000 index of smaller-company stocks slid 25 points, or 1.69 percent, to 1,457.45.
“It’s a combination of a lot of things; the government shutdown, lowering growth expectations for the world and the U. S., earnings estimates,” said Benjamin Lau, chief investment officer of Apriem Advisors in Irvine, California. “But today, the main focus is really on China.
