(WBBM NEWSRADIO) -- Stocks closed lower Tuesday as investors continued to monitor geopolitical risks stemming from U.S.-Iran tensions.
The S&P 500 dipped 9, the NASDAQ lost 3 and the Dow Jones Industrial Average closed down nearly 120 points, settling to 28,583.
Also, after the market close, Pentagon officials confirmed that Iran has launched more than a dozen ballistic missiles against multiple bases housing U.S. troops in Iraq.
"Sooner or later we knew Iran was going to respond," Jim Welsh, Marco Strategist and Portfolio Manager at Smart Portfolios, said Tuesday night. "My take would be that the market was likely then to react in a little bit more negative way, and I think that is what we are going to see tomorrow morning."
He said he's taking a wait-and-see approach and is compiling a shopping list for when the market offers better values.
