(CNBC) — U.S. stocks fell on Tuesday, erasing earlier gains as the market failed to keep its rebound from the bear-market lows going.
The blue-chip Dow Jones Industrial Average fell 490 points, or 1.3%, to 30,947.78. The S&P 500 dropped 2% to 3,821.74, and the Nasdaq Composite was the laggard, down 3% to 11,181.54.
Major averages cut gains after disappointing economic data. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May and missing a Dow Jones estimate of 100, according to The Conference Board. The weak data came as fears of a recession have increased lately as the Federal Reserve tries to combat surging inflation with aggressive rate hikes.
