Stocks fell. Scoreboard:
S&P500: 1,867.65, -9.52, -0.51%
Dow: 16,351.12, -67.56, -0.41%
Nasdaq: 4,307.19, -27.26, -0.63%
And now the top stories:
Tesla shares closed down about 2% as New Jersey approved a proposal banning auto manufacturers from selling cars directly to consumers, according to CNBC. The move was a setback for the luxe electric car company Tesla Motors, which wants to sell its cars directly without working with separate dealers.
After an early-morning surge, shares of fuel cell providers including Plug Power plummeted back to its pre-Monday trading level of about $US6. Citron Research issued a report calling PLUG a “casino stock.”
Commodities including crude and copper fell big on a supply survey for the former and concerns about China for the latter.
Fannie Mae and Freddie Mac fell hard after two senators released a plan that would phase out the government-sponsored entities.
McDonald’s gained 3.8% after the burger meisters’ CFO raised the prospect of cutting costs and borrowing more cash to return to investors.
Citi said growth in Russia would slow to 1% from 2.6%. “We downgrade GDP growth on heightened uncertainty,” the firm commented in a note. “The rising tensions in Ukraine make for a very challenging backdrop to the Russian economy, creating substantial downside risks to economic performance. The combination of more subdued investment and consumption spending related to heightened uncertainty, and tighter monetary policy.”
Men’s Wearhouse bought Jos. A. Bank for $US1.8 billion.