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U.S. stocks end lower; Dow turns negative for the year
Kate Spade tumbles, Intercept shares jump
NEW YORK (MarketWatch) — U.S. stocks ended Tuesday’s choppy session slightly lower as investors remained jittery amid tension between Ukraine and Russia and lingering concerns about sectarian wars in the Middle East.

Fears over geopolitical tensions and a potential U.S. interest-rate hike pushed investors to scale back risk and increased cash levels to two-year high this month, according to a Bank of America Merrill Lynch fund-manager survey.

The S&P 500 (SNC:SPX) closed down 3.18 points, or 0.2% to 1,933.74. The Dow Jones Industrial Average (DJI:DJIA) slipped 9.44 points, or 0.1%, to 16,560.54 and turned negative for the year. The Nasdaq Composite (NASDAQ:COMP) shed 12.08 points, or 0.3%, to 4,389.25.

Steven Wieting, global chief investment strategist at Citi Private Bank, said recent geopolitical headlines have been a catalyst for investors to reduce the level of risk in their portfolios across global financial markets.

Wieting warned, however, that “at a time when markets now suddenly begin to appreciate risk, we should not suddenly ignore a reality in which U.S. corporate earnings have risen 35% from post-2007 peaks, share prices have risen a less robust 22%, and profit gains persist.”

Tensions between Ukraine and Russia escalated after Russian sent a convoy carrying aid for eastern Ukraine on Tuesday. The convoy has not reached the Ukrainian border, and the Ukraine government had threatened to not allow the vehicles to cross onto its territory, claiming the convoy was carrying military gear in the guise of aid.

Meanwhile, clashes between ISIS and Kurdish forces continued in Iraq and the U.S. sent planes to drop humanitarian aid for refugees.

In economic news, the number of job openings in June rose to 4.67 in June, the most since early 2001, Bureau of Labor Statistics said. But the survey, often cited Federal Reserve Chairwoman Janet Yellen when she assesses the state of the labor market, did not move stocks. http://www.marketwatch.com/story/us-stocks-futures-edge-up-labor-market-snapshot-due-2014-08-12