Stocks closed in the red on Tuesday after a choppy session. Lower oil prices pressured energy shares, and weak Chinese trade data reignited fears of a global economic slowdown. Bobbi Rebell reports.
Oil stocks, like ExxonMobil, helped drag down the Dow and S&P 500 for a second straight day. U.S. crude at one point dropped below $37 a barrel before paring its loss. Another factor hurting stocks, says OppenheimerFunds' Alec Young: Chinese data. SOUNDBITE: ALEC YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SAYING: "We had some weakness in terms of Chinese trade data, exports, imports overnight, so that has a broader negative pall on a variety of cyclical sectors." Helping pull down the S&P 500: Qualcomm. EU antitrust regulators charged the mobile chipmaker abused its market power to hinder its rivals. Norfolk Southern shares fell after Canadian Pacific Railway said it's willing to take its hostile bid to shareholders. Norfolk earlier rejected CP's second bid. CP's shares also dropped. Toll Brothers' stock sank. Selling more homes at higher prices boosted quarterly profit. But net income fell shy of expectations. Chipotle shares fell further. Boston College said 80 students got sick after eating at one of its restaurants. The company said E. coli was apparently not the cause. In Europe, mining shares pulled down the major indices.