The S&P 500 closed in the red for the first time in five sessions on Tuesday, as Greece's debt-reduction talks edged toward a standoff and a raft of blue chips delivered mixed quarterly results.
The Dow Jones Industrial Average fell 33.07 points, or 0.3%, to 12675.75. The Dow posted its second consecutive decline for the first time in nearly three weeks, but remains up 3.8% from the start of the year.
The Standard & Poor's 500-stock index shed 1.35 points, or 0.1%, to 1314.65, while the Nasdaq rose 2.47 points, or 0.1%, to 2786.64. Trading activity in recent days has been the calmest in months. On Tuesday, the Dow's moves were contained in a 100-point range for the fourth-straight session, a streak unmatched since April.
European markets declined, with the Stoxx Europe 600 down 0.4%, as investors grew increasingly concerned as talks between Greece and its private investors dragged on without resolution.
The International Monetary Fund trimmed its global growth estimates for the year to 3.3%, warning that the euro-zone debt crisis could shave roughly two percentage points off world-wide output if there isn't a resolution soon.
Meanwhile, Tuesday's docket was full of companies reporting earnings. McDonald's fourth-quarter earnings rose 11% as the fast-food company beat analyst expectations. DuPont edged higher by 0.1% after the diversified manufacturer's fourth-quarter earnings topped estimates, though revenue fell a bit short. Johnson & Johnson finished flat after the consumer-products company reported fourth-quarter earnings and revenue that exceeded expectations but provided a 2012 earnings outlook below current estimates. At 7:45 AM (AEST), the 10-year Treasury note yield was 2.06% and the 5-year yield was 0.90%.
EUROPEAN STOCKS:
European stock markets ended lower Tuesday as European finance ministers pressured Greece's private creditors to accept lower interest rates on restructured Greek government debt.
The Stoxx 600 index fell 0.4% to close at 256.04, pulling back from a five-month high set the previous session.
Shares across Europe were pressured as Greece has yet to conclude debt talks with its private debtholders to write down the country's debt by EUR100 billion.
Elsewhere, earnings reports from heavyweight blue chips were weighing on sentiment across Europe. Although there was an unexpectedly strong euro-zone purchasing managers index for January. Economists said the rise, which reflected a pickup in activity in Germany and France, showed the region's economic slide may be stabilizing. The U.K.'s FTSE 100 index slipped 0.5% to end at 5,751.90, while the German DAX 30 settled 0.3% lower at 6,419.22. The French CAC 40 shed 0.5% to close at 3,322.65.
COMMODITIES:
Crude-oil futures fell back below $99 a barrel Tuesday, pressured by strength in the U.S. dollar as traders eyed negotiations over Greece's debt crisis and continued to mull the impact of the European Union's oil embargo on Iran. Light, sweet crude for March delivery settled 63 cents lower at $98.95 a barrel.
Gold futures closed below $1,665 an ounce, pulling back from a six-week high to post their first loss in three sessions on strength in the dollar and a lack of buying support from Chinese markets due to the Lunar New Year holiday there. Gold for delivery in February fell $13.80, or 0.8%, to settle at $1,664.50 an ounce.
Base metals closed mixed on the London Metal Exchange Tuesday after a session in which the euro whipsawed against the dollar and market participants pitted concerns over Greece's crucial debt-restructuring talks against expectations of tightening fundamentals. LME three-month copper, widely considered an industry bellwether, ended the day at $8,350 a metric ton, down $14, or 0.2%, from Monday's close. AUSTRALIAN STOCKS:
Australian Market Report - Local Markets Poised For Modest Gains
Local stocks are poised for modest gains due to a flat end on US markets.
Ahead of the local open the March SPI futures were 7 points higher at 4,199."
Source: Dow Jones Newswires.
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