Worries about Republican tax plans and falling energy shares dragged the U.S. markets lower Tuesday. Fred Katayama reports.
Energy stocks dragged Wall Street lower Tuesday. Exxon Mobil and Chesapeake Energy fell as oil prices slid for a third straight day. Also pulling the markets lower: GE shares and worries about Republican tax plans. T. Rowe Price portfolio manager Ann Holcomb: SOUNDBITE: ANN HOLCOMB, PORTFOLIO MANAGER, T. ROWE PRICE, (ENGLISH) SAYING: "I really just think people aren't sure what to expect out of Washington. We've had two very different tax proposals coming out, and I think people are really in a wait-and-see. Some people are maybe just taking some gains as they wait to see what will happen going forward." Oil prices fell amid rising U.S. output and a cut in the oil demand growth forecast by the International Energy Agency. Energy stocks fell in Europe as well, pulling the markets lower. Home Depot shares inched higher. Quarterly profit and sales at the largest U.S. home improvement chain rose after the hurricanes boosted demand for emergency products. Home Depot also raised its profit forecast for the year. But the hurricanes hurt sales at discount retailer TJX, and unseasonably warm weather softened sales of cold weather clothing. Shares dropped. Buffalo Wild Wings' stock swung sharply higher. Private equity firm Roark Capital has offered $2.3 billion to buy the restaurant chain.