Wall Street sold off on Tuesday, with the S&P 500 closing at the lowest level since July 7, amid growing concern over the impending U.S. presidential election and prospects for higher U.S. interest rates. Bobbi Rebell reports.
Just a week away from the U.S. presidential election, and the stock market is bracing for the big day. The major indices closing out Tuesday's session in the red. Markets also on alert for the Fed meeting, which began on Tuesday, and will conclude on Wednesday. No rate change is expected, but the statement will be closely scrutinized. Jonathan Corpina of Meridian Equity Partners: SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS (ENGLISH) SAYING: "We continue to talk about interest rates. We've got FOMC meeting comments coming out tomorrow. We are in the middle of earnings season. We are getting towards the end of the year, so we've got some portfolio positioning working on that. But, right now, the main headline continues to be elections. And we are seeing that right now having that affect on our markets. " Pfizer stock down after the pharma giant cut its profit forecast. Shares of Tronc dropped sharply after Gannett, the publisher of USA Today, said it had abandoned plans to buy the publisher of the Chicago Tribune and the Los Angeles Times. Coach reported a 22 percent jump in quarterly profit. The handbag maker has been cutting back on promotions and selling its products in fewer stores to try to regain its premium status. Turning to Europe: stocks fell for the seventh day on continued concerns about the U.S. election.