Stocks are skidding Tuesday as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year. Crude oil prices are up 3 percent after they sank to a one-year low a day earlier.
The pressure on technology stocks appeared to have eased, with the S&P technology index rising 1.1 percent after three sessions of declines, while internet shares bounced back as well.
The S&P 500 index rose as much as 1.1 per cent in early trading, but finished with a gain of just 8.04 points, or 0.3 per cent, at 2,649.93.
The Nasdaq composite skidded 219.40 points, or 3 percent, to 7,028.48.
The Russell 2000 index of smaller-company stocks lost 29 points, or 1.9 percent, to 1,498.
The S&P 500 is down 94.38 points, or 3.4 percent. The Dow fell 395.78 points, or 1.6%, to 25,017.44. Nokia, a big supplier of telecom networks, saw its shares drop 4 percent, while its Swedish rival Ericsson was down 3.5 percent.
The Dow fell 504 points, or 2 percent, to 24,909. The Nasdaq composite rose 80 points, or 1.1 percent, to 6,988. Sales jumped 1.4 percent to a seasonally adjusted annual rate of 5.22 million in October from 5.15 million a month earlier. Its stock price erased almost 4 percent on Monday at close after reports said the company cut production of orders for the new iPhones that came out earlier this year. The company recently announced it would no longer disclose unit sales of its iPhones.
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Apple lost 3.9 percent in midday trading Monday and Facebook gave up 5.2 percent.
Oil prices climbed after US government data showed strong demand for gasoline and diesel, though gains were limited by concern over rising crude supply.
Industrial companies are also falling. Heating oil gained 0.6 percent to $2.09 a gallon.
This pressured the broader tech sector as Microsoft and Twitter also joined the retreat, while Amazon curbed losses. Advanced Micro Devices Inc and Nvidia Corp rose 1.2% each and Micron Technology Inc was up 2.0%.
Safe-play stocks like utilities lagged the market.
Bond prices rose. The yield on the 10-year Treasury fell to 3.05 percent. Amazon rose 1.7 per cent to $1,522 and Facebook picked up 1.9 per cent to $135. Silver inched up 0.1 percent to $14.40 an ounce.
CURRENCIES: The dollar eased to 112.98 yen from 113.07 yen late Wednesday.
Wholesale gasoline rose 1 per cent to $1.51 a gallon. The euro fell to $1.1370 from $1.1453. South Korea's Kospi gained 0.4 percent.