Stocks Move Lower After Mixed Earnings And Overseas Concerns
(CBS) -- Stocks closed modestly lower on Tuesday as traders sifted through solid housing data and a mixed batch of earnings results. The S&P 500 lost 6, the NASDAQ fell 32 and the Dow Jones industrial average shed 34 points, snapping a three day winning streak, settling to 17,511.
"It's a market that's kind of caught in the in between here, we got some strong housing data and good results from Home Depot, that shows the domestic economy is doing well. On the other side, you have this disastrous news out of foreign markets and economies, with China grabbing the headlines as their market was down over 6-percent overnight," says Mike Larson, interest rates & real estate analyst at Money & Markets. "Issues abroad haven't caused US markets to really crack, but it is something that is sort of keeping a lid on enthusiasm out there, especially in sectors that are vulnerable to what's going on overseas."