Mid-Afternoon Market Update: US Stocks Turn Red; Crude Oil Falls Over 3%

Toward the end of trading Tuesday, the Dow traded down 0.20 percent to 15,955.72 while the NASDAQ dipped 0.86 percent to 4,449.67. The S&P also fell, dropping 0.46 percent to 1,871.76.

On Tuesday, telecommunications services shares surged by 1.22 percent. Meanwhile, top gainers in the sector included

, up 3 percent, and

, up 4 percent. In trading on Tuesday, basic materials shares dipped by 0.91 percent. Meanwhile, top losers in the sector included

, down 18 percent, and

, down 13 percent.

reported better-than-expected earnings for its fourth quarter on Monday. The bank reported a quarterly profit of $3.34 billion, or $0.28 per share, versus a year-ago profit of $3.05 billion, or $0.25 per share. Its revenue climbed to $19.53 billion from $18.73 billion a year ago. However, analysts were expecting earnings of $0.26 per share on revenue of $19.78 billion.

shares shot up 85 percent to $24.20 after the company agreed to be acquired by

for $25.60 per ADS. Shares of

got a boost, shooting up 32 percent to $17.75 after

proposed to acquire Rouse Properties for $17.00 per share in cash.

shares were also up, gaining 8 percent to $36.69.

announced its plans to buy Progressive Waste for $2.67 billion.

shares dropped 78 percent to $0.510 after the company reported Phase 3 data on Isunakinra (EBI-005) in allergic conjunctivitis. Shares of

were down 13 percent to $9.38. Morgan Stanley downgraded Party City Holdco from Overweight to Equal-weight.

was down, falling around 6 percent to $63.92. Tiffany reported a 5 percent drop in holiday sales for comparable stores on a constant currency basis and issued a weak FY earnings forecast.

In commodity news, oil traded down 3.20 percent to $28.48, while gold traded up 0.04 percent to $1,091.10. Silver traded up 1.50 percent Tuesday to $14.11, while copper rose 1.34 percent to $1.97.

European shares closed higher today. The eurozone's STOXX 600 rose 1.31 percent, the Spanish Ibex Index gained 1.01 percent, while Italy's FTSE MIB Index rose 1.04 percent. Meanwhile, the German DAX surged 1.50 percent, and the French CAC 40 rose 1.97 percent, while U.K. shares climbed 1.68 percent.

The NAHB housing market index came in at 60 in January, versus economists' estimates for a reading of 61.