Stocks Tumble in Sudden Selloff

Stocks returned their earlier gains in the final hour of trading Tuesday as tech, energy and financial shares retreated.

The Dow Jones industrial average fell 112.61 points, or 1.11 percent, to 10,024.02. The S&P 500 lost 18.70 points, or 1.72 percent, to end the day at 1,070.71. The NASDAQ fell 34.71 points, or 1.54 percent, to 2,222.33.

Consumer staples and telecoms were among the biggest gainers, while material and energy stocks declined. Shares of BP dropped more than 12 percent after its latest attempt to stop the oil flow in the Gulf of Mexico failed.

Stocks extended May’s loses in early trading after investors learned manufacturing in China slowed, before edging into positive territory in the late morning on the strength of two economic reports. A sharp increase in construction marked the largest monthly increase in nearly 10 years after unexpectedly rising in April. The Commerce Department said Tuesday that construction spending rose 2.7 percent to an annual rate of $869.1 billion.

The Institute for Supply Management said its manufacturing index fell to 59.7 in May from 60.4 in April. The decreased figure was better than economists’ forecast of 59.

World Markets: Major global markets were mixed after China’s manufacturing activity fell close to an 11-month low.

Germany’s DAX gained 0.28 percent while France’s CAC 40 and the FTSE 100 in Britain fell in late trading. The Hang Seng, Nikkei and Shanghai Composite all ended the day lower.

Currencies & Commodities: The euro weakened to a fresh four-year low while falling to $1.2154. Europe’s shared currency reached its lowest level in four years earlier Tuesday at $1.2111. The greenback weakened against the British pound, pushing its value higher to $1.4562.

The dollar weakened versus the Japanese yen while gaining against the Chinese yuan.

Oil prices fell $1.39 a barrel to $72.58 as gasoline prices continued a slow decline. The average price at the pump dipped to $2.727 from $2.732 a day earlier and $2.883 one month earlier. The price of gold jumped $12.60 an ounce to $1,224.80.