Selling Sweeps Wall Street as Crude Slides; Dow down 1.94%

Wall Street suffered another triple-digit setback Tuesday as the Dow settled at its lowest level since late April amid the fifth-straight down day for oil and continued pessimism about a potential economic recovery.
Today’s Markets
The Dow Jones Industrial Average lost 161.27 points, or 1.94%, to 8163.60, the Standard & Poor's 500 sank 17.69 points, or 1.97%, to 881.03 and the Nasdaq Composite sank 41.23 points, or 2.31%, to 1746.17. The consumer-friendly FOX 50 dropped 13.01 points, or 1.95%, to 655.41.
While the selloff came on light volume, it means the Dow has now lost more than 340 points in just three trading sessions. The losses and recent negativity on Wall Street bolster the bears' argument that Wall Street's recent run was overdone.
“Reality seems to be settling in. The economy doesn’t seem to have all the traction that people were hoping it had,” NSYE trader Ted Weisberg of Seaport Securities told FOX Business. “Certainly the market is, at the moment, sending us a negative message.”

“We know that the second-quarter [earnings reports] are going to be bad,” said Pado. “There's very little reason to buy heading into these numbers. Nothing good is going to come from it.”
Oil has plunged 12% over the past five sessions amid a stronger dollar and economic fears, its worst slump since February. Crude settled down $1.12 per barrel, or 1.75%, to $62.93 on Tuesday.
“It’s a money-flow issue. You had speculative money that came into the marketplaces, particularly in the commodities, expecting a recovery in the world that’s not taking place as fast as those speculators wanted to see. So you’re seeing the money come out of that game,”

Global Markets
European markets ended in the red for a second-straight day. London's FTSE 100 dropped 0.19% to 4187, France's CAC 40 lost 1.09% to 3048.57 and Germany's DAX tumbled 1.15% to 4598.19.
In Asia, Japan's Nikkei 225 fell 0.34% to 9647.79, Hong Kong's Hang Seng slipped 0.65% to 17862.27 and China's Shanghai Composite sank 1.13% to 3089.45.