Stocks Post Modest Losses

Back in the U.S., Procter & Gamble posted fiscal first-quarter results that topped the Thomson First Call average estimate by a penny. P&G fell, though, after saying it expects fiscal second-quarter earnings per share of 95 cents to 97 cents, compared with Wall Street's expectation of 97 cents.

Shares of the Dow component shed $2.88 to $68.95.

U.S. Steel (X Quote) said third-quarter earnings fell 35% from a year ago, resulting in an earnings miss. Qwest Communications' (Q Quote) quarterly results benefited from a $2.2 billion tax benefit, but the company cut its outlook for the full year.

U.S. Steel tumbled 7% to $104.62, and Qwest dropped 13.7% to end at $7.06.

Elsewhere, Colgate-Palmolive (CL Quote) posted a third-quarter profit that rose 22% from the year-ago period, exceeding the analyst target by a penny. Colgate shares closed higher by $1, or 1.4%, to $75.26.

Away from equities, crude prices retreated after setting new records on Monday. The December crude contract closed above $93 a barrel for the first time during the prior session, but dropped $3.15 to close at $90.38 this time.

On the economic front, the Conference Board said its consumer confidence index fell to a reading of 95.6 in October from 99.5 last month, worse than expectations for a reading of 99.0.

Treasury prices were little changed. The 10-year note was flat in price, yielding 4.39%. The 30-year bond shed 4/32 in price, yielding 4.67%. The dollar slid to new lows against the euro.