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NEW YORK (Reuters) - Wall Street stocks fell on Tuesday, hit by signs the euro zone crisis is worsening and evidence that Europe's slowdown is hurting U.S. companies, including corporate bellwether United Parcel Services.
Weak corporate earnings combined with a weak report on manufacturing and the Europe's debt crisis, sent investors fleeing stocks for a third straight day on Tuesday.
Even Apple delivered a rare earnings disappointment after the closing bell, boding poorly for Wednesday's trading. However, stocks got a lift late in the session after the Wall Street Journal said Federal Reserve officials were moving closer to taking new steps to spur activity and hiring.
Concerns about the euro zone grew after Spain was forced to pay the second highest yield on short-term debt since the launch of the Euro and European Union officials said Greece had little hope of meeting the terms of its bailout. In addition, Moody's Investors Services revised its outlooks on the sovereign ratings of Germany, Netherlands and Luxembourg to negative from stable.
However, a pickup in Chinese manufacturing activity offered some suport. Today's support is located around 1620 while resistance is pegged at 1635.
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