Stocks fell on Tuesday on a disappointing outlook from 3M Co, while McDonald's Corp reported a second straight month of declines in domestic sales.
Equities also faced pressure from a stronger U.S. dollar and weaker commodities, while more worries about the developing debt situation in Dubai hit overseas stock markets.
Shares of McDonald's
The higher the market went up, the more earnings estimates and investor expectations were plugging in a v-shaped recovery, said Alan Lancz, president at investment advisers Alan B. Lancz & Assoc Inc in Toledo, Ohio.
If you get slower economic growth globally, that's going to follow through here in the U.S., and that's going to affect a wide variety of companies, as you can see with this morning's announcements.
The Dow Jones industrial average <.DJI> fell 95.45 points, or 0.92 percent, to 10,294.66. The Standard & Poor's 500 Index <.SPX> lost 8.96 points, or 0.81 percent, to 1,094.29. The Nasdaq Composite Index <.IXIC> gave up 17.24 points, or 0.79 percent, at 2,172.37.
(Editing by Padraic Cassidy)