Stocks closed sharply lower across the board Tuesday, with the Dow logging its worst one-day drop since June, pressured by several disappointing quarterly results and amid renewed fears over Spain's weak economy.
“The revenue line is getting hurt the worst—it shows how nimble and savvy companies are, but that’s not going to continue forever,” Art Cashin, director of floor operations at UBS Financial Services, said of the latest quarterly results. “We’ve already broken through an important level at 1,418 to 1,421, the next level is 1,408 to 1,411 and then we challenge 1,400 itself.”
MAJOR U.S. INDEXES
The Dow Jones Industrial Average tumbled 243.36 points, or 1.82 percent, to end at 13,102.53. Most Dow components closed in negative territory, led byDuPont.
The S&P 500 dropped 20.71 points, or 1.44 percent, to finish at 1,413.11. TheNasdaq fell 26.50 points, or 0.88 percent, to close at 2,990.46.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 10 percent to end near 19.
All key S&P sectors closed in the red, dragged by materials and energy.
Meanwhile, Apple [AAPL 613.3554 
-20.6746 (-3.26%) ] introduced a thinner and lighter version of its 13-inch Macbook Pro and asmaller version of its iPad called iPad Mini. But shares dropped near session lows after the company announced the 16 GB version of the mini will be priced at $329, higher than expectations.
-20.6746 (-3.26%) ] introduced a thinner and lighter version of its 13-inch Macbook Pro and asmaller version of its iPad called iPad Mini. But shares dropped near session lows after the company announced the 16 GB version of the mini will be priced at $329, higher than expectations.
