MARKETS / FINANCE

The Dow industrials and the S&P 500 slipped on Tuesday as signs of a strong economic recovery were put to the test by a large drop in consumer confidence and disappointing quarterly results from Office Depot and U.S. Steel, among other companies.

U.S. Steel Corp reported its second consecutive quarterly loss on Tuesday and said it expected all of its business sectors to operate in the red in the third quarter.

U.S. home prices rose in May for the first time in three years, the latest sign suggesting the battered housing market is stabilizing, but a weakening job market hit consumer confidence in July and could prevent near-term economic recovery.

General Electric Co's finance arm is navigating the current recession more or less as it had predicted in March and does not expect to turn to investors for more capital, company officials said on Tuesday.

AMD on Tuesday unveiled new high-end 3D pro graphic accelerator, ATI FirePro V8750 which is compatible with FirePro S400 Synchronization Module of up to four professional graphics cards.

Stocks fell on Tuesday as a drop in consumer confidence and disappointing quarterly results from companies like Office Depot Inc dampened hopes for a strong economic recovery.

With no local data releases yesterday the Aussie dollar took direction from equity markets which began their reporting season in Australia.

U.S. consumer confidence fell more than expected in July, the Conference Board said on Tuesday, recording its second consecutive decline as sentiment remained hampered by a difficult job market.

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Global investor confidence rose for a seventh month in a row in July, hitting the highest level in a year, U.S. financial services firm State Street said on Tuesday.

General Electric Co said on Tuesday most of its finance portfolio was performing as it had expected, and it does not anticipate having to raise additional capital to carry it through the current downturn.

Bank of America Corp said it plans to shrink its 6,109-branch U.S. network modestly over the next three to five years, an about-face for the nation's largest bank by assets after years of expansion.

The largest U.S. bank on Tuesday said it plans to reduce the size of its U.S. branch network over the next three to five years. As of June 30, the Charlotte based bank had 6,109 branches, down 30 from December's number of 6,139.

U.S. home prices rose in May for the first time in three years, suggesting the housing market is stabilizing, but a weakening job market hit consumer confidence in July and could prevent near-term economic recovery.

U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor's/Case Shiller home price indexes on Tuesday.

Stocks fell on Tuesday as a drop in July consumer confidence and disappointing quarterly results and outlooks from Office Depot Inc and U.S. Steel Corp reignited concerns about the strength of recovery.

U.S. consumer confidence fell more than expected in July, the Conference Board said on Tuesday, recording its second consecutive decline as sentiment remained hampered by a difficult job market.

U.S. consumer confidence fell more than expected in July, the Conference Board said on Tuesday, recording its second consecutive decline as sentiment remained hampered by a difficult job market.

Consumer confidence about business conditions and the labor market fell more than expected in July, according to a new report.

Interpublic Group reported a sharp drop in quarterly earnings on Tuesday, the latest advertising giant undercut by the prolonged downturn in spending by clients.

Bank of America Corp said on Tuesday it plans to modestly reduce the size of its U.S. branch network over the next three to five years, but does not have plans to eliminate 10 percent of its branches.

U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor's/Case Shiller home price indexes on Tuesday.

Stocks were set to dip at Tuesday's opening after a handful of companies, including Viacom Inc and Office Depot Inc, posted disappointing quarterly results and investors sought more evidence of the economic rebound.

Stocks headed for a lower open on Tuesday as a handful of companies, including Office Depot Inc , posted disappointing quarterly results and investors turned cautious before key data on home prices and consumer confidence.

Office Depot Inc reported a bigger-than-expected quarterly loss on Tuesday as the recession weighed on sales at the No. 2 U.S. office supplies retailer, and its shares fell 13 percent.

The greenback recovered from its earlier losses against the majors as the US equity bourses slipped into negative territory by afternoon trading.

Deutsche Bank AG braced for an economic slump by raising loan loss provisions in the second quarter, overshadowing a nearly 70 percent rise in net profit driven mainly by its investment bank.

Bank of America Corp is planning to reduce its 6,100-branch network by about 10 percent, the Wall Street Journal cited the bank's chief executive Kenneth Lewis as telling investors.

Stock index futures dropped to session lows on Tuesday as several companies, including Office Depot Inc , posted lackluster quarterly results and investors turned cautious ahead of key reports on home prices and consumer confidence.