Stocks fell sharply on Tuesday in the single largest decline for 2012 due to data that rekindled concerns about global growth, while a deadline loomed for private holders of Greek debt to agree to taking substantial losses.
Gold was also down around 2% in and hovering near a 6-month low.
In corporate news, Merck (NYSE:MRK) forecast that first-quarter profit would be below Wall Street estimatse and said foreign currency exchange would negatively impact revenue.
Dick's Sporting Goods (NYSE:DKS) forecast first-quarter profit above analyst estimates, as online sales and tight inventory management will drive growth.
Standard Motor Products (NYSE:SMP) shares were sharply lower after the company reported disappointing fourth quarter results and issued first-quarter outlook that was tepid.
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