U.S. stocks slipped on Tuesday after disappointing results from Dow component Procter & Gamble

U.S. stocks slipped on Tuesday after disappointing results from Dow component Procter & Gamble and some discouraging economic data, but robust earnings from drug giant Pfizer limited the market's decline.
http://www.reuters.com/article/idAFN0316718320100803?rpc=44

U.S. and European stocks slipped and the dollar fell to multi-month lows against the euro and the yen on Tuesday as disappointing corporate earnings and U.S. economic data added to fears about the global recovery.

Treasuries rallied as investors sought safety, sending yields on the two-year notes to an all-time low, although analysts said a decline in stock prices was expected after a rally on Monday lifted them to a three-month high.

A Wall Street Journal report that the Federal Reserve was considering buying more bonds to prop up the economy further boosted Treasuries prices.

Oil prices rose as the weaker dollar made it cheaper for investors using other currencies to buy the commodity, although commodity prices fell in general due to growth concerns. Gold gained as China announced moves to allow greater freedom in domestic trading of the metal.

Worries about the sustainability of the global recovery increased after Dow Chemical Co and Procter & Gamble reported quarterly results that missed expectations. Strong corporate results had been the main reason behind the recent stock rally.

Economic data continued to disappoint. New orders received by U.S. factories fell more than expected in June, while sales of previously owned U.S. homes fell to a record low in June. For details, see [ID:nN0238680] and [ID:nN03155165].

"People are beginning to accept that the U.S. economy is coming back to earth and, as far as growth goes, may be playing second fiddle to other economies," said Andrew Wilkinson, analyst at Interactive Brokers Group in Greenwich, Connecticut. "That's driven bond yields down and is sapping the dollar."

http://www.reuters.com/article/idCNN0316523820100803?rpc=44

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