MARKET FOCUS
U.S. stocks suffered a setback on Tuesday, as the market seemed to run out of steam following solid advances in November and several blue-chip stocks were still hurt by brokers’ downgrades.
Concern over U.S. dollar weakness weighed on the market as well, with some participants questioning whether foreign investors would not liquidate their U.S. holdings in fear of further currency-related losses.
The U.S. dollar fell to a new record low against the euro at $1.3469, lower than the prior all-time low set on Dec. 3 at $1.3460.
Intel suffered from negative sentiment about chipmakers despite the giant semiconductor maker’s upbeat revenue outlook last week.
OUTLOOK
The jury is still out whether the sell-off on Tuesday is just a temporary correction or weakness going into the year-end.
THE NUMBERS
The Dow Jones Industrial Average gave up 106 points, or 1.0 percent, to 10,440. The Nasdaq composite index lost 36 points, or 1.7 percent, to 2,114 while the Nasdaq-100 index of large capitalization tech and biotech stocks ended down 1.8 percent at 1,589.
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