Stocks Close Modestly Lower; Intel Misses Wall Street Estimate

Concerns about Argentina depressed the market.
Publish date:

Stocks ended the session slightly softer, as blame for the downdraft fell on concerns over Argentina.

In addition to keeping an eye on Argentina, market players were watching earnings releases and looking ahead to tomorrow's release of the

Producer Price Index

and Thursday's release of the

Consumer Price Index


On the earnings front,


(INTC) - Get Report

after the close reported earnings of 51 cents a share, shy of the 31-analyst

First Call

estimate of 53 cents for the chip maker.

In new issues,

(CHINA:Nasdaq) was up 46 5/8, or 233.1%, to 66 5/8.

wrote about the offering earlier this month. Yesterday

Lehman Brothers

priced its 4.2 million-share initial offering at $20.

On the

New York Stock Exchange

, decliners beat advancers 1,715 to 1,278 on 737.9 million shares. On the

Nasdaq Stock Market

, losers beat winners 2,184 to 1,771 on 987.5 million shares.

On the NYSE, 62 issues set new 52-week highs while 55 touched new lows. On the Nasdaq, 133 issues set new 52-week highs while new lows totaled 35.

On the Big Board,

Health Management Associates


was most active, with 22.7 million shares changing hands. It was down 3 5/16, or 29.3%, to 8. The company said it anticipates its fiscal third-quarter earnings will be about even with the year-ago period, which would be far below the First Call 13-analyst estimate of earnings of 18 cents a share.

On the Nasdaq,


(DELL) - Get Report

was most active, with 22.8 million shares changing hands. It was down 1 5/16 to 42 1/4.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup


3:00 p.m.: Stocks Remain Pressured by Latin American Concerns

Major market averages were lower heading into the final hour of trading as worries over Latin America were blamed for the selloff.

1:56 p.m.: Latin American Concerns Continue to Weigh on U.S. Stocks

As the "don't cry for me Argentina" quips are tossed around Wall Street, stocks weren't feeling much in a laughing mood as major market averages slumped.

1:04 p.m.: Midday Musings: With Argentina in the Background, Stock Players Book Profits

12:01 p.m.: Stocks Struggle Toward Break-even Then Tumble Anew

Skies were looking a bit bluer over Wall Street early in the previous hour, with the major indices still lower on Latin American concerns but coming off their earlier worst. Lately the indices have taken a renewed dip, however.

10:57 a.m.: Latin American Worries Weigh Down U.S. Issues

Trouble overseas. Cash fleeing to the safety of the bond market, while stocks turn tail. Investors are getting a little taste of last year this morning.

10:02 a.m.: Stocks Open in the Red

A wave of selling hit stocks early on, with blame falling on concerns over Latin America, while the 30-year Treasury bond added to its outsized gains from yesterday as investors sought the safety of U.S. government securities.