NEW YORK (AP) - Another steep drop in the price of oil weighed on global markets Tuesday. Investors remained deeply concerned about the global economy following this week's disappointing Chinese and U.S. manufacturing data.
Energy stocks fell as oil giants Exxon Mobil and Chevron reported their worst quarterly results in more than a decade. In the technology sector, Google's parent company, Alphabet, overtook Apple as the world's most valuable publicly traded company.
The Dow Jones industrial average lost 295.64 points, or 1.8 percent, to 16,153.54. The Standard & Poor's 500 index fell 36.35 points, or 1.9 percent, 1,903.03 and the Nasdaq composite fell 103.42 points, or 2.2 percent, to 4,516.95.
It's a busy week on the economic data front, particularly in the U.S., where the week ends with monthly payroll figures. So far, the numbers haven't impressed. On Monday, the Institute for Supply Management said its gauge of factory activity pointed to a contraction while China's official survey found that manufacturing fell to its lowest level in more than three years.
Those reports have weighed heavily on the market, and have put investors back in a selling mood after a brief reprieve last week. U.S. government bond prices rose as investors sought safety. The yield on the 10-year Treasury note fell to 1.86 percent from 1.95 percent late Monday.