U.S. stocks dip amid Egypt turmoil
The stock market ended slightly lower Tuesday after reports of intensifying political turmoil in Egypt offset good news about the U.S. economy.
Stocks rose most of the day on positive news about car sales, home prices and manufacturing.
But major indexes turned lower after 1:40 p.m. after news emerged that Egypt's military had drawn up plans to suspend the country's constitution, dissolve its legislature and set up an interim government. Millions of protesters are demanding the ouster of President Mohammed Morsi.
The price of oil climbed close to $100 a barrel on concern that the crisis in the largest Arab nation could disrupt the flow of crude from the region.
The Standard & Poor's 500 index closed down 0.05 percent at 1,614.08. The Dow Jones industrial average fell 42.55 points to 14,932.41. The Nasdaq composite slipped 1.09 points, a fraction of a percentage point, to 3,433.40.
Trading activity was lighter than normal, influenced by the upcoming July 4 holiday. The stock market will close at 1 p.m. on Wednesday, ahead of the Independence Day holiday Thursday.
The market reopens Friday. -- AP
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
