NEW YORK (TheStreet) -- U.S. stock markets finished at session lows Tuesday after being pressured lower by a ramp-up of tensions in Ukraine. Better-than-expected economic data failed to help the S&P 500 sustain a recovery from last week's worse slump in two years.
Time Warner (TWX) shares were plummeting in afterhours trading after Fox (FOXA) withdrew its bid for Time Warner. Shares Time Warner dropped as much as 12% in afterhours trading, near down to where they stood on July 17 when Fox made it unsolicited bid.
The Dow Jones Industrial Average fell 0.84% to 16,429.47. The S&P 500 declined 0.97% to 1,920.21. The Nasdaq was down 0.71% to 4,352.83.
All 10 major sectors of the S&P 500 closed lower, with energy, basic materials, financials, telecom services and utilities all shedding more than 1%. Consumer staples and industrials outperformed the broader market but still settled in the red.
Traders pointed to news reports of a buildup in Russian troops on the Ukraine border and comments from a Polish politician that said Russia is poised to invade or pressure militarily Ukraine's eastern border. Factory orders in June rebounded by a stronger-than-expected 1.1% in June after a 0.6% decline in May. The composite index from the ISM non-manufacturing survey in July rose to a better-than-expected 58.7 from 56 in June. The final read on the Markit PMI services index for July slipped to 60.8 from the initial "flash" estimate of 61, but remained comfortably above the breakeven 50 mark.