Stocks on Wall Street closed lower on Tuesday, as fears about fiscal
battles in Washington and the troubles in Greece tipped major indexes
from gains to losses throughout the day. A surge in shares of Home Depot
prevented a steeper drop for the Dow Jones industrial average.
The Dow closed down closed down 58.90 points, or 0.5 percent, at
12,756.18. It would have been lower without support from Home Depot,
whose stock jumped 3.6 percent after the company beat expectations for its fiscal third-quarter earnings. Home Depot is benefiting from the gradual housing recovery and rebuilding efforts after Hurricane Sandy. Its stock rose $2.22 to $63.38.
Stocks had opened lower after European leaders postponed the latest aid
package for Greece. The Dow turned positive in the first hour of trading
and rose solidly through the morning, gaining as much as 83 points.
Starting around 2 p.m., the average slid steadily into the red.
Other indexes also closed lower. The Standard & Poor’s 500-stock
index lost 5.50 points, or 0.4 percent, to 1,374.53. The Nasdaq
composite index fell 20.37 points, or 0.7 percent, to 2,883.89.
Investors are trading against the backdrop of federal spending cuts and
tax increases that will take effect automatically at the beginning of
next year unless United States leaders reach a compromise before then.
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