Stocks fall for a second day; Nasdaq slumps
John Santiago, right, confers with a fellow trader on the floor of the New York Stock Exchange Tuesday, July 8, 2014. US stocks closed lower for a second day in a row as investors positioned themselves for corporate earnings reports. AP PHOTO/RICHARD DREW
NEW YORK—US stocks closed lower for a second day in a row as investors positioned 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 US companies start to report their earnings this week.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.56 percent.
