US STOCKS-Wall St slumps in broad decline, Dow under 17,000

martes 8 de julio de 2014 12:24 GYT

* Dow back under 17,000 in broad market decline

* Alcoa to report after market close, revenue seen down

* Internet names, airlines among weakest of the day

* Dow, S&P 500 fall 0.8 pct, Nasdaq down 1.6 pct (Updates to midday trading)

By Ryan Vlastelica

NEW YORK, July 8 (Reuters) - U.S. stocks fell in a broad selloff on Tuesday, dropping for a second straight session in their biggest one-day drop in almost two months as investors pulled back ahead of the start of corporate earnings season.

The day's losses grew throughout the session, with the S&P 500 falling under its 14-day moving average, a sign of weak near-term momentum. Eight of the ten primary S&P 500 sectors were lower, with only defensive groups like utilities and consumer staples higher on the day.

About 60 percent of stocks trading on the New York Stock Exchange fell, and almost three-fourths of Nasdaq-listed names.

"It's more that there are no reasons to buy rather than a lot of reasons to sell," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "We've had such a move recently that buyers are exhausted at a time when we were already due for a pullback."   Continuación...