U.S. stocks traded sharply lower on Tuesday, falling for a second day as the first major sell-off of the new year intensified.
The Dow Jones industrial average dropped 241 points and briefly fell 352 points, with UnitedHealth as the biggest decliner. The 30-stock index was also on track for its biggest two-day points drop since September 2016.
The S&P 500 pulled back 0.8 percent, with health care and energy as the worst-performing sectors. The Nasdaq composite fell 0.5 percent.
“We’ve had a unilateral move higher [in stocks] to start things off and people are realizing this is not sustainable,” said Art Hogan, chief market strategist at B. Riley FBR. “You’re also seeing some cracks in the global story with interest rates rising.”