Investing.com – U.S. stock markets were down on Tuesday, ahead of the release of key U.S. housing data and after a downbeat assessment of the U.S. economic recovery by the country's treasury secretary.
During early U.S. trade, the Dow Jones Industrial Average fell 0.16%; the S&P 500 index shed 0.26% and the Nasdaq Composite index lost 0.25%.
Earlier in the day, Treasury Secretary Timothy F. Geithner said U.S. unemployment may rise again before it falls and the economy isn't recovering rapidly enough.
His comments came after official data which showed that that personal spending declined unexpectedly in June while personal income also fell more-than-expected.
Meanwhile, shares in consumer goods giant Procter & Gamble shed 3.34% while shares in Dow Chemical Company tumbled 8.03% after both companies reported worse-than-expected earnings.
But shares in pharmaceutical firm Pfizer advanced 4.72% after the company reporter better-than-expected earnings before markets opened.
Across the Atlantic, European stock markets were also lower: France’s CAC 40 slid 0.49%; Germany's DAX fell 0.01%; Britain's FTSE 100 lost 0.41%; and the EURO STOXX 50 was down 0.38%.
Later in the day, the U.S. was to release key data on pending home sales.
During early U.S. trade, the Dow Jones Industrial Average fell 0.16%; the S&P 500 index shed 0.26% and the Nasdaq Composite index lost 0.25%.
Earlier in the day, Treasury Secretary Timothy F. Geithner said U.S. unemployment may rise again before it falls and the economy isn't recovering rapidly enough.
His comments came after official data which showed that that personal spending declined unexpectedly in June while personal income also fell more-than-expected.
Meanwhile, shares in consumer goods giant Procter & Gamble shed 3.34% while shares in Dow Chemical Company tumbled 8.03% after both companies reported worse-than-expected earnings.
But shares in pharmaceutical firm Pfizer advanced 4.72% after the company reporter better-than-expected earnings before markets opened.
Across the Atlantic, European stock markets were also lower: France’s CAC 40 slid 0.49%; Germany's DAX fell 0.01%; Britain's FTSE 100 lost 0.41%; and the EURO STOXX 50 was down 0.38%.
Later in the day, the U.S. was to release key data on pending home sales.