After The Bell: Stocks Close Lower Ahead of Key Earnings
(CBS) -- Stocks closed lower Tuesday, as traders digested weakness in China and lower energy prices, amid key quarterly earnings. Today's losses snapped a seven session winning streak. The S&P 500 closed down 14, the Nasdaq dropped 42 and the Dow Jones Industrial Average shed 50 points, settling to 17,081.
"Concerns about earnings, global growth and after seven days of an up period we are seeing a little bit of profit taking," says Michael Cuggino, president and portfolio manager at Permanent Portfolio Funds. "We've been picking up quality names that have been beaten down and over sold for the long-term opportunities."
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