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The Closing Bell: U.S. Stocks Pare Losses After Steep Declines
FYI: U.S. stocks cut their losses late on Tuesday and the Nasdaq briefly turned higher as investors bought back beaten-down shares, though worries about company earnings outlooks kept a lid on the market.
Shares of Caterpillar tumbled after the heavy-duty equipment maker maintained its 2018 earnings forecast, following forecast increases in the previous two quarters. 3M Co slid after cutting its full-year profit outlook.
Major indexes slumped right after the opening bell, sending the Dow Jones Industrial Average sliding nearly 550 points and putting the Nasdaq Composite on track to close in correction territory. Stocks then pared much of their declines over the rest of the trading day, with the Dow industrials down 0.3%, the S&P 500 off 0.4% and the Nasdaq down 0.3% heading into the final hour of the session.
The back-and-forth in markets added to the recent volatile streak for global stocks. Major indexes in Shanghai, Japan and Hong Kong tumbled Tuesday after Chinese officials moved to ramp up financing for private firms, the latest step they have taken to try to stabilize the country’s financial markets and reverse slowing growth.
