Lower forecasts for corporate earnings -- and an analyst downgrade of investment banking shares --weighed on the market TuesdayThe market may be awaiting two big events in the coming days -- Friday's release of the November jobs report and the Federal Reserve's decison on interest rates next Wednesday -- but investors found a few other things to fret about Tuesday. Stocks closed lower amid continuing worries about corporate profits. Financial issues led the market lower after JP Morgan cut earnings estimates for big Wall Street firms.
On Tuesday, the Dow Jones industrial average finished lower by 65.84 points, or 0.49%, at 13,248.73. The broader S&P 500 index shed 9.63 points, or 0.65%, to 1,462.79. The tech-heavy Nasdaq composite index fell 17.30 points, or 0.66%, to 2,619.83.
Activity in the broader market was negative Tuesday. On the New York Stock Exchange, 21 shares declined in price for every 12 that advanced. Nasdaq breadth was 19-10 negative.
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