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NEW YORK (
TheStreet) -- U.S. stocks dropped Tuesday as investors worried about a
slowing global economy amid fears that Europe is falling into recession.
Dow Jones Industrial Average fell 203.66 points, or 1.57%, to 12,759.15 on Tuesday. This is the first
triple-digit decline for the index in 2012.
S&P 500 dropped 20.97 points to 1,343.36 and the
Nasdaq Composite declined 40.16 points to 2,910.32.
Breadth within the Dow was negative with 29 of the index's 30 components posting losses.
The biggest percentage decliners among the blue chips were
Alcoa(AA - Get Report),
Caterpillar(CAT - Get Report) and
Bank of America(BAC - Get Report).
Shares of Alcoa fell 4.05% to $9.47 as the basic materials sector sold off. The aluminum company and Saudi Arabian company Ma'aden announced Tuesday they are working on extending the project mix that will come from their aluminum site in Saudi Arabia.
TheStreet Ratings gives Alcoa a
C grade and a hold rating.
Bank of America shares declined 3.26% to $7.71. The bank has barely put a dent in the
30,000 jobs that it said it would cut in the next few years.
Bank of America gets a
C- grade and hold rating from
Shares of Caterpillar fell 3.72% to $106.00.
TheStreet Ratings gives Caterpillar an A grade with a buy rating and
a $133.29 price target.
The only gainer in the Dow Tuesday was
Intel(INTC - Get Report). Shares rose 6 cents, or 0.24%, to $26.60. The technology company announced on Tuesday the creation of the Intel Xeon Processor E5-2600 products for cloud technology.
Written by Alexandra Zendrian in New York.
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