NEW YORK (AP) — The U.S. stock market swung lower on Tuesday as falling commodity prices pulled raw-material producers and oil companies down. Drugmakers also dropped, adding to their losses from Monday.
KEEPING SCORE: The Standard & Poor's 500 index sank 28 points, or 1.4 percent, to 1,939 as of 12:20 p.m. Eastern. The Dow Jones industrial average fell 221 points, or 1.3 percent, to 16,290, and the Nasdaq composite dropped 87 points, or 1.8 percent, to 4,743.
SELL FIRST: JJ Kinahan, TD Ameritrade's chief strategist, said lingering uncertainty over China's slowdown and the timing of the Federal Reserve's first interest-rate hike in nearly a decade has made investors skittish.
"I think it's really just the fact that nobody knows what to do," Kinahan said. "When things are this uncertain, the reaction is sell first and see what happens later."
CURBS TO COME? Hillary Clinton, the leading Democratic presidential candidate, criticized drug companies for "price gouging" on Monday following news that Turing Pharmaceuticals hiked the price of a 53-year-old drug for a deadly parasitic infection from $13.50 per pill to $750. On Tuesday, Clinton laid out a plan to rein in soaring costs and deny drugmakers tax breaks for television advertising.