Stocks Posted Worst Day of 2017 as Banks Tumbled

U.S. stocks closed sharply lower on Tuesday, posting their worst day of the year, as banks faced pressure from falling yields. The Dow Jones Industrial Average fell 237.85 points, or 1.14%, to 20,668.01. The S&P 500 lost 29.45 points, or 1.24%, to 2,344.02. The Nasdaq Composite lost 107.70 points, or 1.83%, to 5,793.83.

Oil prices settled lower Tuesday in volatile trading tied to the expiration of the April futures contracts, ahead of data expected to reveal a rise in weekly U.S. crude supplies. April West Texas Intermediate crude declined by 88 cents, or 1.8%, to settle at $47.34 a barrel . May Brent crude lost 66 cents, or 1.3%, to $50.96 a barrel.

FedEx Corp. (FDX) reported mixed quarterly results. FedEx said it earned $562 million, or $2.07 a share, in the fiscal third quarter, compared with $507 million, or $1.84 a share, in the third quarter of fiscal 2016. Revenue rose to $15 billion, from $12.7 billion a year ago.