Stocks Ended Sharply Lower after Weak Manufacturing Report

U.S. stocks ended sharply lower on Tuesday, after a closely watched reading on manufacturing in the U.S. came in at its worst level since 2009. The Dow Jones Industrial Average dropped 343.79 points, or 1.28%, to 26,573.04. The S&P 500 declined 36.49 points, or 1.23%, to 2,940.25. The Nasdaq Composite fell 90.65 points, or 1.13%, to 7,908.

Crude futures settled lower Tuesday as a reading of U.S. manufacturing activity at its lowest level in over a decade fed concerns over a slowdown in energy demand, and Ecuador’s plan to leave OPEC led to expectations that it will add more oil to the world market. West Texas Intermediate crude for November delivery shed 45 cents, or 0.8%, to settle at $53.62 a barrel. December Brent crude fell by 36 cents, or 0.6%, to end at $58.89 a barrel.

American manufacturers posted the biggest contraction in September since the end of the 2007-2009 recession. The Institute for Supply Management said its manufacturing index fell to 47.8% last month from 49.1%, marking the lowest level since June 2009.