(MENAFN- ProactiveInvestors) U.S. stocks resumed their fall on Tuesday as oil continued to plunge with the S&P 500 and the Nasdaq posting their fifth loss in a row.
At the closing bell in New York the Dow Jones Industrial Average dropped 131 points to settle at 17371 while the Nasdaq fell 60 points to end at 4593 and the S&P 500 shed 18 points to finish at 2003.
After falling under $50 a barrel for the first time in five years yesterday due to a global supply glut light sweet crude for delivery in February fell $2.11 or 4.2% to close at $47.93 a barrel on the New York Mercantile Exchange its lowest finish since April 2009.
Aside from the supply glut other bearish factors contributing to the decline included the ongoing strength in the U.S. dollar and worries about Greek debt amid a debate on Greece’s membership in the European Union.
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 0.4% after the online money transfer company said someone stole over $30 million in corporate cash by transferring it to an overseas account.
() fell 2.7% today as the chipmaker reports its quarterly results after the closing bell. The stock is up about 57% in the past 12 months.
The most actively traded gold contract for February delivery rose 1.3% or $15.40 to finish at $1219.40 an ounce on the Comex division of the New York Mercantile Exchange amid the global equities selloff.
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