Stocks fall for a second day; Nasdaq slumps
- Associated Press
- July 8, 2014 - 3:10 PM
NEW YORK — 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.
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