U.S. stocks drop; S&P 500 enters bear territory: breaking news for barry and kennytroll 10/04 09:59 AM NEW YORK (MarketWatch) -- U.S. stocks on Tuesday declined for a third session, with the S&P 500 flitting in and out of bear-market territory, on worries about European debt and after Federal Reserve Chairman Ben Bernanke hinted at further steps to stimulate the economy.
"Earnings are the only thing that could calm this market, if they do not, what is holding us up, as far as the market goes?" asked Howard Silverblatt, senior index analyst at Standard & Poor's.
Alcoa Inc. ( AA:$8.7094,$-0.1906,-2.14%) kicks off third-quarter earnings reports next week, with analysts trimming profit expectations for the aluminum producer. .
Down more than 20% from its April 29 high of 1,363.61, the Standard & Poor's 500 Index was lately down 12.28 points to 1,086.95, with utilities the heaviest weight and consumer discretionary the best performing of its 10 industry groups.
"The 1,090 mark technically makes it a bear market, but if you're holding a stock, with a majority of the S&P 500 down 20%, we are in a bear market," said Silverblatt at Standard & Poor's.
"There's a lot of uncertainty here, and doubt about whether agencies or government bodies can do anything about it," said Silverblatt of the situation in the United States as well as abroad.
The Dow Jones Industrial Average fell 172.10 points to 10,483.20, with 19 of its 30 components in the red.
The Nasdaq Composite Index fell 20.54 points to 2,315.26. |
