After The Bell: Stocks Sell-Off On Lower Oil And Soft Data
(CBS) -- Stocks traded sharply lower Tuesday, as falling oil prices and weak consumer confidence data put traders in a selling mood.
The S&P 500 lost 24, the NASDAQ fell 67 and the Dow Jones industrial average closed down over 188 points, settling to 16,431.
"We pretty much gave away most of yesterday's gains and it all revolved around energy. Yesterday, oil prices were up and we gave a lot of that back as Saudi Arabia said they were not that interested in holding production, then we also got a report on oil inventories that were a lot more than expected, so energy prices took it on the chin and stocks followed suit," says Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
He adds that until we start to see better economic data globally, we will be in for more volatility and maybe lower prices.
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