Stocks fell in a choppy session on Tuesday as news late in the session that Portugal's debt could be downgraded reignited selling in a high-volume flurry that may bode ill when markets reopen.
Earlier, the S&P 500 had erased much of a 1 percent loss after improved consumer confidence and manufacturing data were the latest signs the U.S. economy was on the mend.
Adding to investors' near-constant torment from Europe, Standard & Poor's put Portugal's credit rating on review for a possible downgrade just minutes before U.S. markets closed, saying the country may have to turn to the EU and IMF for funding.
If European markets take that news badly when they open on Wednesday, selling may spill over into U.S. trading.
"If you start to see them sell off substantially, it usually tends to have a rollover effect," said Doug Roberts, chief investment strategist at Channel Capital Research.com in Shrewsbury, New Jersey.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,006.02 |
|---|---|
| Trade Time: | 4:04PM EST |
| Change: |  46.47 (0.42%) |
| Prev Close: | 11,052.49 |
|---|---|
| Open: | 11,049.72 |
| Day's Range: | 10,942.98 -11,062.63 |
| 52wk Range: | 9,596.04 -11,505.80 |
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