Dow Posted Triple-Digit Drop

U.S. stocks turned sharply lower on Tuesday as renewed worried about global growth following weaker-than-expected manufacturing data from China drove nervous investors out of stocks. The Dow Jones Industrial Average lately dropped 166.55 points, or 0.931%, to 17,724.61. The S&P 500 slumped 19.81 points, or 0.95%, to 2,061.62. The Nasdaq Composite fell 48.94 points, or 1.02%, to 4,768.65.

Oil fell on Tuesday as rising output from the Middle East renewed concerns about global oversupply while economic data painted a negative backdrop for the outlook for demand. Brent crude futures were trading 40 cents lower at $45.43 a barrel at 1234 GMT (0834 EDT), retreating from earlier gains. U.S. crude futures were down 53 cents at $44.25 a barrel.

After a sluggish start to the year, U.S. light-vehicle sales regained momentum in April as cheap credit, low gasoline prices and rising consumer confidence helped drive more buyers to showrooms. Analysts forecast industry wide sales will rise 5% in April to set a new monthly high and the selling pace will eclipse 17.5- million vehicles. Analysts forecast industry wide sales will rise 5% in April to set a new monthly high and the selling pace will eclipse 17.5-million vehicles.