US stocks retreat amid falling oil

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New York, Feb 24 (IANS) US stocks pulled back in the morning session as Wall Street digested mixed economic reports amid declining oil prices.

The Dow Jones Industrial Average fell 159.98 points, or 0.96 percent, to 16,460.68 on Tuesday, Xinhua reported.

The S&P 500 lost 18.71 points, or 0.96 percent, to 1,926.79. The Nasdaq Composite Index was down 49. 84 points, or 1.09 percent, to 4,520.77.

The volatility in oil prices has dominated market sentiment recently.

Oil prices fell about 4 percent around on Tuesday after the previous day’s solid gains, amid doubts a potential production freeze will have any impact on a supply glut.

On Monday, US stocks posted solid gains as a strong rebound in oil prices boosted Wall Street sentiment.

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