Comment
0
Tweet
0
Print
RSS Feeds

Stocks fall for a second day; Nasdaq slumps

Tuesday - 7/8/2014, 4:46pm  ET

Specialist Jason Hardzewicz, left, works at his post on the floor of the New York Stock Exchange Tuesday, July 8, 2014. U.S. stocks are opening lower for a second day in a row as investors position themselves for corporate earnings reports. (AP Photo/Richard Drew)

NEW YORK (AP) -- U.S. stocks are closing lower for a second day in a row as investors position themselves for corporate earnings reports.

The Dow Jones industrial average fell 117 points, or 0.7 percent, to close at 16,906 Tuesday. The Standard & Poor's 500 index lost 13 points, or 0.7 percent, to 1,963.

The Nasdaq fell 60 points, or 1.4 percent, to 4,391.

Technology and small-company stocks fell more than the rest of the market. Utilities were the only sector to rise as investors sought out low-risk stocks that pay high dividends.

AbbVie fell 3 percent after the company raised its offer to buy a rival drugmaker, Shire.

Major U.S. companies start to report their earnings this week.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.56 percent.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.