NEW YORK (CNNMoney.com) -- Stocks retreated Tuesday, led by financial, retail and transportation shares as investors bailed out of a variety of stocks after the recent retreat.
The Dow Jones industrial average (INDU) slumped 240 points or 2.7%. The Standard & Poor's 500 (SPX) index lost 2.3% and the Nasdaq composite (COMP) lost 1.6%. Stocks had been on both sides of unchanged through the session as investors digested the day's batch of negative corporate news and kept an eye on the latest news on a potential automaker loan package. But stocks turned decidedly negative in the afternoon. An agreement on a loan package for the auto industry had been expected late Monday. But lawmakers were still debating the details Tuesday, with a package now expected later today or Wednesday. The back-and-forth was perhaps causing some of the stock weakness Tuesday, with investors eager to see a resolution, said Ron Kiddoo, chief investment officer at Cozad Asset Management.
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