Finance

USA stocks close lower on sell-off

USA stocks close lower on sell-off

A measure of volatility on Wall Street on Tuesday rose to its highest level in more than 5 months as US equity benchmarks extended a slide as the yield in a 10-year Treasury notes hovered around its highest level in more than three years. The Dow was off 209 points, or 0.8%, while stocks overall saw additional pressure from a selloff by health care shares. The S&P 500 fell 0.7% to 2,834, while the Nasdaq Composite lost 0.8% to 7,403.

Energy stocks fell amid a 1.6% drop in USA oil futures, which settled at $64.50 a barrel.

On the earnings front, analysts expect S&P 500 earnings growth of 13.2 percent, up from 12 percent a month ago.

The CBOE Volatility Index, the closely-watched gauge for investor anxiety, rose to as much as 15.42, its highest level since August. MetLife dropped 8.7 percent after saying the USA financial regulator is looking into the insurer's failure to pay some workers' pensions. Harley-Davidson dropped 7.7 percent after the motorcycle maker forecast a drop in shipments this year. On the Nasdaq, 1,954 issues fell and 866 advanced.

Health care was the worst-performing sector in the S&P, a selloff driven by news that JPMorgan Chase (NYSE:JPM), Berkshire Hathaway (NYSE:BRKA) and Amazon.com (NASDAQ:AMZN) are teaming up to address rising medical costs for employees. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.


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