Stocks tick lower on mixed earnings; price of oil skids
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Stocks are closing lower after several U.S. companies delivered disappointing results and forecasts.
Energy stocks fell more than the rest of the market Tuesday as the price of crude oil dropped to its lowest level since August.
UPS was off 3 percent after the package delivery company reported revenue that fell short of analysts’ estimates.
Cummins slumped 9 percent after the engine maker’s earnings results didn’t match forecasts. The company also cut its revenue outlook.
The Dow Jones industrial average slipped 41 points, or 0.2 percent, to 17,581.
The Standard & Poor’s 500 index fell five points, or 0.3 percent, to 2,065. The Nasdaq composite fell four points, to 0.1 percent, to 5,030.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.03 percent.
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