Bearish sentiment prevails

Stocks closed slightly lower Wednesday, after trading in a narrow range for most of the day. Investors found few reasons to place any big bets. Corporate earnings continue to paint a mixed picture of the health of the global economy and worries about the presidential election. Europe's debt problems are keeping investors on edge. Earnings from Facebook helped counteract some of the gloom surrounding third quarter corporate results. HSBC's initial purchasing manager's index for China jumped to 49.1 in October from 47.9 the previous month. Meanwhile, news out of Europe was less encouraging.