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US stocks turn lower after Egypt turmoil worsens

July 3, 2013 • Business


In this Friday, June 28, 2013 photo, trader Robert Vella, left, works on the floor of the New York Stock Exchange. U.S. stocks are getting off to a slow start after a three-day rally. U.S. stock futures are rising with industry watchers expecting automakers to post banner sales. The government also releases its May factory orders report Tuesday, July 2, 2013, and economists are looking for signs of an extended recovery in manufacturing. (AP Photo/Richard Drew)

NEW YORK (AP) — The stock market ended slightly lower Tuesday after reports of intensifying political turmoil in Egypt offset good news about the U.S. economy.

Stocks rose most of the day on positive news about car sales, home prices and manufacturing. But major indexes turned lower after 1:40 p.m. Eastern Daylight Time after news emerged that Egypt’s military had drawn up plans to suspend the country’s constitution, dissolve its legislature and set up an interim government. Millions of protesters are demanding the ouster of President Mohammed Morsi.

The price of oil climbed close to $100 a barrel on concern that the crisis in the largest Arab nation could disrupt the flow of crude from the region.

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