Stocks sank more than 1% Tuesday, erasing most of the prior day's gains, as oil prices fell and consumer confidence fell to a seven-month low.
The Nasdaq dropped 1.5%, the S&P 500 lost 1.2% and the Dow Jones industrial average sank 1.1%. Volume was mixed in the stock market today, edging up 2% on the NYSE and dipping 1% on the Nasdaq compared to Monday, according to preliminary data.
Crude prices remained volatile, sinking 5% following Monday's 6% gain. Oil producer Range Resources (RRC) plunged nearly 10%, leading the S&P 500 lower. JP Morgan (JPM) dropped 4% after saying it would set aside more money to cover expected losses on loans to energy companies hurt by the recent plunge in oil prices.
Restaurant and telecom stocks were among the day's best performers.
Texas Roadhouse (TXRH), a Kentucky-based operator of full-service restaurants, popped 13% after a better-than-expected quarterly earnings report. Volume was huge as the stock cleared a 40.92 buy point of a 30-week consolidation.
The gain came despite a 5.6-point drop in the Conference Board's index of consumer confidence for February. The reading of 92.2 marked a seven-month low as consumers grew less optimistic about both current and future conditions.
Motorola Solutions (MSI) soared 6% in huge volume after reporting that fourth-quarter profit rose 26% to $1.58 a share, easily beating Wall Street forecasts. Revenue slipped 8% to $1.68 billion.
Analysts at Bernstein upgraded the stock to outperform from market perform on Wednesday, according to Briefing.com
The stock is approaching a 73.07 buy point of a 14-week consolidation. The highly rated Fidelity Contrafund (FCNTX) increased its holdings last quarter.
