U.S. stocks suffered big losses Tuesday, as Wall Street digested mixed economic reports amid declining oil prices.
The Dow Jones Industrial Average dipped 188.88 points, or 1.14 percent, to 16,431.78. The S&P 500 lost 24.23 points, or 1.25 percent, to 1,921.27. The Nasdaq Composite Index tumbled 67.02 points, or 1.47 percent, to 4,503.58.
The volatility in oil prices has dominated market sentiment recently. Oil prices dived over 4 percent Tuesday following the previous day's solid gains, as Saudi Arabia Oil Minister Ali Al-Naimi said there won't be any production cuts in the country.
On the economic front, U.S. existing-home sales crept forward in January to the highest annual rate in six months, according to the National Association of Realtors Tuesday.
Total existing-home sales rose 0.4 percent from a downwardly revised annual rate of 5.45 million in December to a seasonally adjusted 5.47 million in January, beating market consensus. "While mortgage rates remain historically low with the average 30-year rate just below 4.0%, tight credit, limited supply and rising prices are likely to continue to hold home sales growth back, keeping momentum positive but at a gradual pace," said Sophia Kearney-Lederman, an economic analyst at FTN Financial. U.S. consumer confidence came out weaker than expected.
The Conference Board Consumer Confidence Index stands at 92.2 in February, down from 97.8 in January. Overseas, Chinese shares reversed Monday's remarkable rally and closed in negative territory on Tuesday, marginally above the 2, 900-point mark.
The benchmark Shanghai Composite Index fell 0.81 percent to close at 2,903.33 points. European equities also ended sharply lower Tuesday as oil prices plunged. German benchmark DAX index at Frankfurt Stock Exchange dropped 1.64 percent, while British benchmark FTSE 100 Index decreased 1.25 percent.
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