New York, Jan 25 (IANS) US stocks edged lower Tuesday amid concerns about the European debt crisis and mixed US corporate earnings.
European Union ministers Tuesday rejected the proposals by private Greek debt holders of a 65 to 70 percent write-down of the country’s debt, Xinhua reported.
The news added to concerns about the European debt crisis.
Meanwhile, Christine Lagarde, managing director of the International Monetary Fund (IMF), said the organization needed an additional $500 billion to help resolve the European debt crisis.
However, the source of the money remained unclear.
On the earnings front, US chemical company Dupont reported better-than-expected earnings in the fourth quarter last year, but its revenue missed expectations.
Meanwhile, investors are paying close attention to the Federal Reserve’s two-day monthly monetary meeting, beginning Tuesday.
Investors expect the Fed to keep its monetary policy unchanged at this meeting.
The Dow Jones Industrial Average lost 50.40 points, or 0.40 percent, to 12,658.42. The Standard & Poor’s 500 Index fell 3.83 points, or 0.29 percent, to 1,312.29.
The Nasdaq Composite Index was down 1.22 points, or 0.04 percent, to 2,782.93.