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US stocks lose ground

US stocks sagged Tuesday with little positive news on economic growth and lacklustre quarterly reports, especially from drugs giant Pfizer.

The Dow Jones Industrial Average ended virtually unchanged at 12,087.51, but the broader S&P 500 index shed 4.60 points (0.34 per cent) to 1,356.62, while the tech-rich Nasdaq Composite fell 20.22 points (0.71 per cent) to 2,841.62.

The stock markets followed others down -- the dollar, oil, gold and silver all tumbled.

"A plethora of disappointing
earnings results are hampering the bulls, exacerbated by uncertainty regarding whether policymakers in Washington will agree on a plan to tackle the fiscal issues facing the US," said analysts at Charles Schwab.

Before the markets opened, Pfizer, the world's largest drug maker, reported first-quarter earnings jumped 10 percent, slightly above analyst estimates, but sales were lower from the year-earlier period and missed market expectations.

14:36 | |

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