US stocks sink as oil tumbles to fresh multi-year low

Traders working on the floor of the New York Stock Exchange (NYSE) on Tuesday in New York City. Stocks sank again, partly on fears of a continued fall in global oil prices. -- PHOTO: AFP 
Traders working on the floor of the New York Stock Exchange (NYSE) on Tuesday in New York City. Stocks sank again, partly on fears of a continued fall in global oil prices. -- PHOTO: AFP 

NEW YORK (AFP) - US stocks fell again on Tuesday on another stormy day for global financial markets as oil prices plummeted to a fresh multi-year low.

At the closing bell, the Dow Jones Industrial Average stood at 17,368.04, down 133.61 points (0.76 per cent).

The broad-based S&P 500 dropped 18.23 (0.90 per cent) to 2,002.35, after spending a good chunk of the session below 2,000. The tech-rich Nasdaq Composite Index sank 59.84 (1.29 per cent) to 4,592.74.

US oil prices tumbled to a fresh 5.5-year low of US$47.93 (S$ 63.93) a barrel. Other worries pertained to the drop in US Treasury bond yields and the eurozone.

"The market doesn't like uncertainty and the volatility in oil and the volatility in interest rates have certainly created uncertainty," said Mr David Levy, portfolio manager at Kenjol Capital Management.

"Also, the situation in Europe is also very uncertain and we're lacking a positive catalyst as of today."