NEW YORK, May 6 (Xinhua) -- Wall Street pulled back Tuesday as earnings from Fannie Mae, UBS and D.R. Horton reminded investors of continued turmoil in the financial and housing markets and oil price hit a new record high.
D.R. Horton reported a quarterly loss of 1.3 billion U.S. dollars and halved its dividend to 7.5 cents a share, while FannieMae posted a quarterly loss of 2.2 billion dollars and said it would cut its dividend as well. UBS reported a loss of nearly 11 billion dollars and said it plans to cut 5,500 jobs.
In addition, Oil futures reached a new record high of 122 dollars a barrel Tuesday, gaining momentum as investors predicted much higher prices in the days ahead and concerned about supply shortages.
After the closing bell Tuesday, investors will read earnings from Walt Disney Co., one of the 30 companies that make up the Dow, and Cisco Systems Inc., the computer networking equipment maker.
The Dow Jones dropped 56.18 to 12913.36. Broader indexes also declined. The Standard & Poor's 500 index dipped 2.54 to 1,464.95 and the Nasdaq fell 2.00 to 2,462.12.
