Stocks trim losses but still finish down
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A late-afternoon rally helped U.S. stocks trim their losses Tuesday, but the Dow Jones industrial average nevertheless suffered a triple-digit decline for the third consecutive day.
Ongoing concern about the European debt crisis weighed on U.S. financial markets, driving the yield on the 10-year Treasury note to 1.98%, another fresh low.
The Dow dropped 100.96 points, or 0.9%, to 11,139.30. The Standard & Poor’s 500 index fell 8.73 points, or 0.7%, to 1,165.24.
The Dow was off more than 300 points at its low before reclaiming part of its losses. Nonetheless, it’s still down 474 points, or 4.1%, in the past three trading sessions.
Stocks slipped despite a private report showing the U.S. service sector growing faster than expected last month.
-- Walter Hamilton