U.S. stocks had a terrible Tuesday, after a drop in both oil prices and consumer confidence unnerved investors. Bobbi Rebell reports.
A renewed drop in oil prices sent Wall Street lower. A sharp drop in consumer confidence this month also unnerved investors, says MainStay's Andrew Ver Planck. SOUNDBITE: ANDREW VER PLANCK, PORTFOLIO MANAGER, MAINSTAY U.S. EQUITY OPPORTUNITIES FUND (ENGLISH) SAYING: "The consumer confidence index was kind of the lone bright star looking at a lot of economic indicators, and seeing that fall just gave investors an excuse to sell." That outweighed positive economic data on home resales and home prices. Also weighing on the markets: financial stocks. JPMorgan Chase pulled down bank stocks after the lender said it'll set aside $500 million more for potentially bad energy loans. Fitbit shares not looking fit after the wearable fitness device maker's quarterly outlook fell far shy of analysts' estimates. Shares of Time Inc. and Yahoo eased. A source says the magazine publisher is considering a bid to buy Yahoo's core Internet business. Home Depot the day's biggest Dow gainer. Warm weather and the housing market recovery fueled a sharp rise in quarterly sales. In Europe, falling crude prices weighed down shares.