"Europe is a temporary concern. The market is signaling they haven't fixed the whole problem"
- James Swanson, chief investment strategist at MFS Investment Management
U.S. stocks extended losses on Tuesday as Spain's plan for more austerity failed to halt drop in bond prices.
The Standard & Poor's 500 descended by 1.71%, or 23.61 points, to 1,358.59. The Dow Jones Industrial Average lost 1.65%, or 213.66 points, to 12,715.93. The Nasdaq Composite Index dipped by 1.83%, or 55.86 points, to 2,991.22.
"I don't think there's any rush to be involved in the stock market here," James Swanson, chief investment strategist at Boston-based MFS Investment Management, said.
"Europe is a temporary concern. The market is signaling they haven't fixed the whole problem. This will be a soft quarter in earnings. Investors will need more reassurance."
© Dukascopy Bank