NEW YORK (Reuters) - U.S. stocks closed more than 1 percent lower on
Tuesday as disappointing results from a number of bellwether companies
pointed to weakening conditions, while an unexpected decline in durable
goods orders also weighed on sentiment.
The day's losses were broad, with nine of the 10 primary S&P 500 sectors lower on the day, though tech <.SPLRCT> was the biggest drag by far. The group lost 3.3 percent in its biggest one-day drop since November 2011, in the wake of results from industry bellwether Microsoft. Industrial shares fell, led by Caterpillar.
The two names were the biggest decliners on the Dow, but fellow components Procter & Gable (N:PG) and DuPont Co (N:DD) also tumbled.
Microsoft (O:MSFT) fell 9.3 percent to $42.66 a day after the main engine of its historic earnings power - selling Windows and Office to big businesses - showed signs of waning.
Heavy machinery marker Caterpillar (N:CAT) gave an outlook below expectations, warning the recent plunge in oil prices would hurt its energy equipment business. Shares dropped 7.2 percent to $79.85.
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The day's losses were broad, with nine of the 10 primary S&P 500 sectors lower on the day, though tech <.SPLRCT> was the biggest drag by far. The group lost 3.3 percent in its biggest one-day drop since November 2011, in the wake of results from industry bellwether Microsoft. Industrial shares fell, led by Caterpillar.
The two names were the biggest decliners on the Dow, but fellow components Procter & Gable (N:PG) and DuPont Co (N:DD) also tumbled.
Microsoft (O:MSFT) fell 9.3 percent to $42.66 a day after the main engine of its historic earnings power - selling Windows and Office to big businesses - showed signs of waning.
Heavy machinery marker Caterpillar (N:CAT) gave an outlook below expectations, warning the recent plunge in oil prices would hurt its energy equipment business. Shares dropped 7.2 percent to $79.85.
Read more Click here / www.trade4x.net
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