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Stocks sink; Nasdaq slides most in 2 months

A Wall Street street sign outside the New

A Wall Street street sign outside the New York Stock Exchange in Manhattan on July 16, 2013. Photo Credit: AP / Mark Lennihan

Stocks fell for a second day Tuesday, with the Dow Jones industrial average losing its perch above 17,000 points, and the Nasdaq composite sliding the most in two months.

At the end of trading on Wall Street, the Nasdaq was down 60.1 points, about 1.4 percent, at 4,391.5. The Dow Jones industrial average sank 117.6 points, or nearly 0.7 percent, to 16,906.6. The Standard & Poor's 500 index lost 0.7 percent, closing down nearly 14 points at 1,963.7.

Reports of earnings for the second quarter were to start after the market closed Tuesday.

"Many investors wonder if the ride is over," Tobias Levkovich, chief U.S. equity strategist at Citigroup Inc., said in a report Tuesday. "As stock indexes hit new highs, there are those that fear further gains, given defensive positioning, but more worry about buying in now just in time for a severe pullback."

Both the S&P 500 and the Dow have retreated from records set in a rally this past week on speculation the Federal Reserve will raise interest rates sooner than expected.

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