Stocks Opened Lower, Dow Dropped over 200 Points

U.S. stocks opened with broad losses on Tuesday, with the Dow Jones Industrial Average dropping more than 200 points. The Dow lately dropped 264.24 points, or 1.00%, to 26,175.24. The S&P 500 fell 24.50 points, or 0.86%, to 2,829.03. The Nasdaq Composite lost 69.69 points, or 0.93%, to 7,396.82.

Oil prices edged down Tuesday on renewed concerns about mounting U.S. crude production. March West Texas Intermediate crude fell 65 cents, or 1%, to $64.91 a barrel. March Brent crude lost 45 cents, or 0.7%, to $69.01 a barrel.

Home prices continued to climb due to depressed inventory and slow construction activity. The S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in November, up from 6.1% in the previous month — marking the 16th consecutive month of at least 5% year-over-year growth.

Amazon.com Inc, Berkshire Hathaway and JPMorgan Chase & Co are forming a venture aimed at lowering healthcare costs for their U.S. employees, they said on Tuesday, sparking a slide in the shares of a host of healthcare-related companies.

Pfizer’s fourth-quarter profit soared to $12.27 billion thanks to a huge tax benefit related to the U.S. tax system overhaul. Pfizer posted revenue of $13.7 billion in the period, up 1 percent from a year ago.

Corning Inc. (GLW) on Tuesday reported a fourth-quarter loss of $1.41 billion, after reporting a profit in the same period a year earlier. The company said it had a loss of $1.66. Earnings, adjusted for one-time gains and costs, were 49 cents per share.