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Stocks broadly lower amid weak quarterly results, gold demand persists

US stocks finished broadly lower on Tuesday as dismal quarterly earnings from several big companies disappointed investors. McDonald’s stocks fell 2.5% after the firm posted a quarterly profit that missed analyst expectations while the overall revenue dropped 30%. 3M shares lost nearly 5% as its quarterly earnings and revenue were lower than expected.

Meanwhile, fiscal stimulus debate continued. GOP and Democrats divided on issues including unemployment insurance, aid for state and local governments, and assistance for renters and homeowners. The persisting uncertainty on this front added to a cautious tone in the markets.

As a result, the Dow Jones Industrial Average closed 0.8% lower, the Nasdaq Composite dropped 1.3%, and the S&P 500 dipped 0.6%.