Dow Closes Lower; Nasdaq, S&P 500 Edge Up
NEW YORK ( TheStreet) -- U.S. stocks booked another mixed finish on Tuesday as investors awaited clarity on the timeline for a potential request for bailout funds from Spain.
The Dow Jones Industrial Average fell 33 points, or 0.24%, to close at 13,482. The blue-chip index is now up 10.35% so far in 2012.
JPMorgan (JPM) shares were down a nickel following news that New York has filed a civil complaint against the bank alleging fraud in relation to the sale of toxic residential mortgage-backed securities during the financial crisis.Shares of Boeing (BA) fell 0.69% after the company's engineers and technical workers' union rejected a contract offer late Monday. The union represents 23,000 workers. Talks on an agreement are expected to resume Tuesday. Dow gainers included Chevron (CVX), UnitedHealth Group (UNH), and Microsoft (MSFT). The S&P 500 added a little more than a point, or 0.09%, to settle at 1446, while the Nasdaq rose nearly 7 points, or 0.21%, to finish at 3120, getting a boost from a turnaround in Apple (AAPL), which closed up after being down for most of the session. The strongest sectors in the broad market were health care, utilities and consumer non-cyclicals. Only the basic materials sector finished in the red. Volume totaled 3.28 billion on the New York Stock Exchange and 1.61 billion on the Nasdaq. Losers were narrowly ahead of winners on both exchanges. There is still a fair amount of uncertainty to deal with across the pond as most of Tuesday's headlines were looking ahead to future scenarios. Reuters reported Spain could make a formal request for bailout funds for its public finances as early as next weekend, citing anonymous senior European sources, but Germany has signaled that it believes Spain should hold off as German Finance Minister Wolfgang Schaeuble emphasized that the country is taking all the right steps to overcome its fiscal problems and doesn't need a bailout. There was also evidence of growing caution on Wall Street about third-quarter earnings season, which will pick up steam later this month. Analysts are expecting a year-over-year decline in earnings for the components of the S&P 500.
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