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U.S. Market Finished Tuesday Lower But Kicked Off Earnings Season

Major markets finished decisively lower today. Nasdaq lost nearly 1.5% or 60 points. The Dow was down 118 points, closing below the 17,000 mark it hit last week. The S&P lost 0.7%. It was a day for profit taking. Twitter and Pandora led the sell off in the market. They were both down more than 6%, which was the biggest decline since early May. The Nasdaq Biotech index continued to fall and it lost more than 4% in the first two days of this week, the worst since April. While most people were optimistic about the upcoming earnings season, many simply thought room for upward movement was limited. Alcoa reported after the bell. Earnings were 18 cents per share. Top line was $5.84 billion dollars, better than expectations. The name was trading up after the close.