New York, NY (AP) - Stocks are closing with steep losses after
disappointing corporate earnings and reports that a key meeting of
European financial ministers had been cancelled.
Manufacturing conglomerate 3M lost 6 percent after cutting its
2011 earnings forecast. Netflix plunged 35 percent after the
company cut its forecast and said it is losing subscribers. The
market was also pulled lower after an index of consumer confidence
plunged to the lowest level since March 2009.
The Dow Jones industrial average finished with a loss of 207
points, or 1.7 percent, to 11,707 Tuesday.
The S&P 500 fell 25, or 2 percent, to 1,229. The Nasdaq shed 61,
or 2.3 percent, to 2,638.
Five stocks fell for every one that rose on the New York Stock
Exchange. Volume was average at 4.3 billion shares.
(Copyright 2011 by The Associated Press. All Rights Reserved.)