(MENAFN- ProactiveInvestors) U.S. stocks retreated from fresh highs Tuesday a day after the Nasdaq settled above the 5000 mark for the first time in 15 years and both the Dow and the S&P 500 finished at new records.
At the closing bell in New York the Dow Jones Industrial Average fell 86 points to settle at 18203 while the Nasdaq fell 28 points to end at 4980 and the S&P 500 lost 9 points to finish at 2108.
The economic calendar was virtually empty today save for U.S. automakers issuing their February sales figures on Tuesday. Automakers including Ford Honda Fiat Chrysler and Nissan all reported sluggish U.S. sales last month with the industry crippled by the bitter cold.
Ford () said sales fell 2% in February while Toyota Honda Fiat Chrysler and Nissan all reported sales growth that missed estimates. General Motors () was the exception reporting a better-than-expected 4.2% sales increase as truck sales surged.
European stocks pulled back to settle lower today after strong German retail sales and record index advances in the U.S. fueled European markets earlier in the session. Asian markets finished lower with China's Shanghai Composite falling 2.2% on liquidity concerns following the Chinese securities regulator's approvals of 24 IPOs.
In corporate activity retailer () shares rose 1.4% after the company said it would pay a special 51-cent dividend as well as raise its regular quarterly dividend by 21% to 23 cents a share and buy back up to $1 billion of shares over three years. The company also announced its results for the most recent quarter.
Mylan () reported adjusted quarterly profit that met Street estimates while revenue was slightly above forecasts.
() rose even after the company's adjusted quarterly profit missed estimates by six cents and revenue was also shy of expectations. The oil driller said its operations showed quarter-to-quarter improvement however.
In other news lender Springleaf Holdings said it has agreed to buy Citigroup's () OneMain Financial for about $4.25 billion creating a U.S. subprime giant.
Alibaba (NYSE:BABA) shares fell to an all-time low after it violated Taiwan investment rules for Chinese companies and must withdraw or transfer its holdings from the country within six months. Alibaba said it will work with authorities to come into compliance.
BlackBerry (NASDAQ:BBRY) is planning to release four new phones this year including a touchscreen model called the Leap as well as a keyboard handset and a curved-screen device with a slide-out keyboard. The Leap will cost $275 unlocked. Shares reversed earlier gains to drop 0.8% on Tuesday.
Oil futures ticked higher with West Texas Intermediate for delivery in April settling at $50.52 a barrel up $0.93 or 1.9% on the New York Mercantile Exchange on violence in Libya and concerns for Iran's nuclear program. Gold for April delivery fell 0.3% to settle at $1204.40 an ounce on the Comex as investors looked ahead to Friday's jobs report.
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