(CNBC) — U.S. stocks closed sharply lower Tuesday as renewed declines in oil prices weighed amid mixed reaction to some key earnings reports.
"The oil rally, which occurred around those rumors (about an output cut), has reversed and dragged down the stock market and long-term interest rates," said David Kelly, chief global strategist at JPMorgan Funds.
Treasury yields declined, with the 10-year yield falling below 1.9 percent to hit its lowest since April 2015. The 2-year yield was near 0.73 percent as of 3:15 p.m. ET.
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