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Stocks closed lower on Wall Street as worries about the banking system and the global economy inject more caution into financial markets worldwide.
The S&P 500 fell 0.4% Tuesday after paring an earlier loss. The Dow lost 158 points, or 0.4%, and the Nasdaq fell 0.8%.
Bank stocks helped lead the market lower after Moody’s cut the credit ratings for 10 smaller and midsized ones. Across the Pacific, stocks sank after exports for China’s troubled economy shrank by the most since the start of the pandemic. And in Europe, bank stocks tumbled after Italy’s Cabinet approved a proposed tax on their profits.
On Tuesday:
The S&P 500 fell 19.06 points, or 0.4%, to 4,499.38
The Dow Jones Industrial Average fell 158.64 points, or 0.4%, to 35,314.49.
The Nasdaq composite fell 110.07 points, or 0.8%, to 13,884.32.
The Russell 2000 index of smaller companies fell 11.52 points, or 0.6%, to 1,947.42.
For the week:
The S&P 500 is up 21.35 points, or 0.5%.
The Dow is up 248.87 points, or 0.7%.
The Nasdaq is down 24.91 points, or 0.2%.
The Russell 2000 is down 10.05 points, or 0.5%.
For the year:
The S&P 500 is up 659.88 points, or 17.2%.
The Dow is up 2,167.24 points, or 6.5%.
The Nasdaq is up 3,417.84 points, or 32.7%.
The Russell 2000 is up 186.17 points, or 10.6%.