(MENAFN- ProactiveInvestors) U.S. stocks resumed their fall on Tuesday as oil continued to plunge a day after the Dow posted its worst day in three months dropping 331 points.
As of noon in New York the Dow Jones Industrial Average was down 170 points at 17329 while the Nasdaq fell 66 points to 4586 and the S&P 500 shed 21 points to 2000.
After falling under $50 a barrel for the first time in five years yesterday due to a global supply glut WTI crude was back down at $48.1 a barrel down more than 3.8% in New York trading following Monday's 5% drop to lows not seen since April 2009.
Japan's Nikkei stock average fell 3% overnight its worst day since mid March due to falling oil prices and concerns about the eurozone. China's Shanghai Composite bucked the negative trend in Asia ending up 0.1% after the country's HSBC services PMI rose to 53.4 last month from November's 53 -- its fastest pace in three months.
In Europe Markit's final December composite PMI missed an earlier flash reading of 51.7 coming in at 51.4 with the weakness calling for more aggressive bank stimulus. European markets finished lower today with shares in London leading the region.
On the US economic calendar investors got a reading on November factory orders which fell 0.7% hit by transportation equipment. The reading matched economists' forecasts.
December's ISM non manufacturing index at 56.2 slowed substantially from November's unusually strong 59.3. Consensus expectations were for a reading of 58 according to Bloomberg.
In corporate activity () said it has started a trial of its experimental Ebola vaccine in the UK saying it will produce 2 million courses of the shot this year.
Verizon () has reportedly refused to comment on reports it has approached () about a potential acquisition or joint venture to expand its mobile video offerings. Shares of jumped over 3.3% Tuesday.
() has confirmed it is buying privately-held luxury shoe maker Stuart Weitzman in a deal valued at up to $574 million. Sycamore Partners acquired Stuart Weitzman last year as part of its $2.2 billion purchase of Jones Group.
() has acquired Wit.ai the creator of a voice recognition tech platform whose interface will remain open and free after it joins . The social network declined to say how much it paid for the company.
Xoom () fell more than 3.8% after the online money transfer company said someone stole over $30 million in corporate cash by transferring it to an overseas account.
() was also one to watch Tuesday as the chipmaker reports its quarterly results after the closing bell. The stock is up about 58% in the past 12 months.
Gold futures for February delivery rose $16 to $1220 an ounce in New York amid the global equities selloff.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.