(CNBC) -- U.S. stocks fell sharply once again on Tuesday as oil prices continued their unprecedented wipeout, further denting market sentiment and dampening the global economic outlook.
The Dow Jones Industrial Average slid 631.56 points, or more than 2.6%, to close at 23,018.88. Tuesday’s losses brought the Dow’s two-day decline to more than 1,200 points. The S&P 500 dropped 2.7% to 2,736.56 while the Nasdaq Composite fell 3.5% to 8,263.23.
Traders were focused on the strange happenings with oil futures once again, which raised concern about deep losses for the energy industry hitting the U.S. economy even further. The June contract for West Texas Intermediate cratered 43.4% to $11.57 per barrel on Tuesday.
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