Stocks had another bumpy day, closing with loss on Tuesday, as subprime mortgage concerns continued to color trading.
"The market is looking for direction and it seems like everyday recently, the market has been hit with developments it doesn't like," said Brian Hicks, president of Wealth Daily. "I think the market is looking for some light at the end of the tunnel and it looks like the housing problem will continue longer than expected."
Lennar the second largest U.S. homebuilder, reported a quarterly loss on Tuesday, citing charges related to land values and declining demand related to the subprime-mortgage meltdown.
Blackstone Group fell below its offering price of $31, fueling the day's bearish sentiment.