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Stocks tumbled Tuesday as the Dow fell nearly 118 points, ending
the trading day below the 17,000 mark.

It was the second straight session of losses after the major
indexes set record closing highs at the end of last week.

The Dow Jones industrial average lost 0.7% to 16,906.62. The
Standard & Poor's 500 index fell 0.7% to 1963.71 and the Nasdaq
composite index plunged 1.4% to 4391.46.

STOCKS: USA TODAY's live markets blog

Investors turned cautious as they geared up for the start of
second-quarter earnings season with aluminum producer Alcoa
reporting after the market close. The aluminum giant blew past
estimates, sending its stock up in the 2% neighborhood
afterhours.

ALCOA: Kicks off earnings season with bang

Analysts polled by Thomson Reuters forecast profit growth of
6.2% for the Standard & Poor's 500 stock index, up from 5.6%
last quarter. But heading into the week, the number of companies
warning of profit shortfalls outnumbered those predicting upside
earnings surprises by a 4 to 1 ratio, above the long-term
average of 2.6 negative pre-announcements for every positive one.

Oil prices remained below $104 a barrel as the benchmark U.S.
crude for August delivery was up 4 cents to $103.57 a barrel on
the New York Mercantile Exchange.

The yield on the 10-year Treasury note fell to 2.57% from 2.61%
Monday.

Overseas, Asian stock markets were mostly lower as Japan's
Nikkei 225 index slipped 0.4% to 15,314.41 and Hong Kong's Hang
Seng index was basically flat closing at 23,541.38.

European markets tumbled as London's FTSE index fell 1.3% to
6738.45 and Germany's DAX dropped 1.4% to 9772.67.

On Monday, the Dow fell 0.3% to 17,024.21. The S&P 500 fell 0.4%
to 1,977.65. The Nasdaq composite index fell 0.8%, to 4451.53.

http://www.usatoday.com/story/money/markets/2014/07/08/stocks- tuesday/12351915/
 

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