STOCK SLUMP AGAIN: Here's what you need to know

A competitor wipes mud from his eyes during Toughmudder at Phillip Island. Quinn Rooney/Getty Images

The Australian market closed down for the sixth session in a row, the longest losing streak since mid-December, with most of the banks and the big miners giving ground again.

Here’s the scoreboard:

  • S&P ASX 200: 5,471.30 -27.16 -0.49%
  • All Ordinaries: 5,479.70 -26.80 -0.49%
  • AUD/USD: 0.7684 -0.0020 -0.26%

On Wall St, the S&P 500 closed down 0.7%. On the local market, eight out of ten sectors were lower with the latest losses bringing the total drag over six days to 5.29%.

An early rally lost momentum. Westpac just managed positive territory, up 0.51% to $31.35. The rest of the banks were in negative territory.

BHP was down 1.08% to $27.60 and Rio Tinto lost 1.14% to $56.37.

The top stories Tuesday:

1. Nine Entertainment shares bombed after the broadcaster announced it expected profits to suffer as the TV advertising market continues to soften. It closed down more than 16% to $1.66.

2. The US logistics company Iron Mountain has finally won its bid for Australian data group Recall in a revised offer worth $3.4 billion.

3. A flat month for job adverts in Australia. The latest ANZ survey.

4. NAB: Business confidence is up, the economy is healing and the RBA is unlikely to cut rates.

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