U.S. stocks closed lower Tuesday as investors hit the pause button a day after the S&P 500 closed at yet another record high. In corporate news, General Motors (GM) announced a new chief executive. The company named product development chief Mary Barra as the next chief executive, succeeding Dan Akerson, who is stepping down. Bank stocks edged higher after the government officially announced the final details of the long-awaited Volcker Rule – a key piece of the 2010 Dodd-Frank financial reform law. Shares of Goldman Sachs and Morgan Stanley rose more than 1percent, while JPMorgan Chase also gained some ground. Bank of America shares finished slightly lower. The dollar gained ground against the euro, the pound, and the yen. Light sweet crude oil for January delivery rose $1.17 to $98.51 a barrel on the New York Mercantile Exchange. Gold futures climbed $26.90 to $1,261.10. The Dow Jones industrial average lost 52.4, or 0.33 percent, to 15,973.13. The broader Standard & Poor's 500 index dropped 5.75, or 0.32 percent, to 1,802.62. The technology-heavy Nasdaq composite index fell 8.26, or 0.20 percent, to 4,060.49.
