Stocks Slump on Budget Talk Worries

"We like the mid-cap space because what they tend to be is they tend to be companies that have defensible market positions but they're still small enough that any type of growth in their top-line revenues can be impactful to their bottom line," he added.

Pier 1 Imports (PIR) and Whirlpool (WHR) are among his favorite housing market recovery-related stocks. He noted that Pier 1, the specialty retailer of decorative home furnishings and gifts, is an example of a stock that is growing much faster than the overall economy and that Whirlpool will likely continue to do well over the next 18 to 24 months as people continue to install new washers and dryers.

Also, the Conference Board's read on consumer confidence for November indicated an increase to 73.7 from an upwardly revised 73.1. Economists expected the index level to rise to 73.

The FTSE 100 in London advanced 0.22% on Tuesday, while the DAX in Germany settled up 0.55% after Greece's international creditors arrived at a bailout deal for the country.

The deal would finally unlock €34.4 billion in financial aid to Greece, with the agreement that various steps must be taken to make the nation's debt more manageable-- these steps include cutting interest rates on bailout loans to very low levels that could result in losses for creditors, extending the deadlines on loan repayments and Greek bond buybacks.

Japan's Nikkei average closed higher by 0.37%, boosted by the news on Greece and more rhetoric encouraging more intense monetary easing from Japan's opposition leader Shinzo Abe, who is tipped to be the next premier.

Hong Kong's Hang Seng index finished down by 0.08% as investors awaited more clarity on the economic reform plans of China's new leaders.

Gold for December delivery dropped $7.30 to settle at $1,742.30 an ounce at the Comex division of the New York Mercantile Exchange, while January crude oil contracts slipped 56 cents to close at $87.18.

The benchmark 10-year Treasury rose 8/32, to dilute the yield to 1.638%. The dollar jumped 0.31%, according to the U.S. dollar index.

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