Stocks fail to hold gains, end lower after last week's slide

Stocks closed lower in choppy trading, as global uncertainties which became evident last week underscored the nervousness that has overtaken investors.

Early gains helped by Caterpillar's better than expected earnings faded quickly as December new home sales came in below estimates, and the broader market followed the lead of the largest S&P 500 sector - technology - to turn broadly lower; tech underperformance weighed on the Nasdaq (-1%), which also contended with big losses in the risky biotech sector.

Global markets showed signs of stabilization after Turkey's central bank said it would hold an emergency meeting and weigh higher interest rates.

Treasury prices retreated, with the yield on the 10-year note rising 5 bps to 2.77%; crude oil and gold futures also fell.

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