NEW YORK (AP) - Shaky results from consumer companies dragged the U.S. stock market lower on Tuesday as shares of well-known names like appliance maker Whirlpool and athletic apparel maker Under Armour suffered their worst declines in years.
Third-quarter earnings continued to dominate the market and some of the biggest companies either reported disappointing results or lowered their expectations. Investors wondered if consumers will spend less money on home improvement, clothing and other goods. However, companies including Procter & Gamble and Lockheed Martin soared after their reports. Looking for safer options, some investors bought bonds and utility company shares.
Consumer spending is critical to the U.S. economy and poor results for consumer-focused companies could be a sign of trouble. However, Doug Roman, managing director of equities for PNC Capital Advisors, said it's too soon to know if shoppers are closing their wallets.
"The market might be extrapolating bigger stories into broader themes, which might not be the case," he said. Corporate earnings have been falling for more than a year, and despite Tuesday's results, investors are growing hopeful that streak is ending.
The Dow Jones industrial average shed 53.76 points, or 0.3 percent, to 18,169.27. The Standard & Poor's 500 index lost 8.17 points, or 0.4 percent, to 2,143.16. The Nasdaq composite fell 26.43 points, or 0.5 percent, to 5,283.40.