US Close 3 Aug 16: US markets closed in the red hit by sell off in banks and weak car sales

US sharemarkets fell on Tuesday as weaker-than-expected economic data and falling oil prices added to growth concerns. Weak auto sales hurt the automakers with Ford and General Motors both falling by 4.3%. The S&P Discretionary sector was the worst performer down 1.5%. Pfizer (down 2.3%) was the biggest drag on the Dow despite reporting better-than-expected results. Investors focussed on the weaker-than expected revenue from its patent-protected drugs. The Dow Jones ended lower for the seventh consecutive session down by 91 points or 0.5%. The S&P 500 index fell by 0.6% and the Nasdaq gave up its five-day winning streak, closing down 46 points or 0.9%.