Drugmaker Genentech slid 75 cents, to $54.25, after having been higher most of the session. The company announced that studies showed its colon-cancer drug Avastin was effective in treating lung cancer patients as well. The news led to two brokerage upgrades of Genentech's stock.
American International Group's longtime chief executive, Hank Greenberg, quit late Monday, remaining as non-executive chairman.
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AIG lost $1.93, to $61.92, as the nation's major credit agencies lowered or promised to review the company's debt ratings.
Other Indicators
• The New York Stock Exchange composite index fell 43.48, to 7310.41; the American Stock Exchange index rose 3.47, to 1486.06; and the Russell 2000 index of smaller-company stocks fell 3.48, to 626.82.
• Declining issues outnumbered advancing ones by 2 to 1 on the NYSE, where trading volume rose to 1.52 billion shares, from 1.43 billion on Monday. On the Nasdaq Stock Market, decliners outnumbered advancers by 5 to 3 and volume totaled 1.82 billion, up from 1.68 billion.
• The price of the Treasury's 10-year note fell $2.81 per $1,000 invested, and its yield rose to 4.55 percent, from 4.51 percent on Monday.
• The dollar fell against the Japanese yen and rose against the euro. In late New York trading, a dollar bought 104.45 yen, down from 104.93 late Monday, and a euro bought $1.3314, down from $1.3368.
• Light, sweet crude oil for April delivery settled at $55.05, up $0.10, on the New York Mercantile Exchange.
• Gold for current delivery fell to $440.90 a troy ounce, from $441.10 on Monday, on the New York Mercantile Exchange's Commodity Exchange.
