US stocks continue to turn lower, Dow dips more than 1%

The US stocks slipped on Tuesday, adding to recent uneasiness after a largely steady outing in August as soaring oil prices weighed on sentiments. The Dow Jones Industrial Average fell by 628.18 points, or 1.18 percent, to 52,786.07. The Standard and Poor's 500 sank 45.08 points, or 0.58 percent, to 7,673.52. The Nasdaq Composite Index eased 85.58 points, or 0.32 percent, to 26,421.41. WTI crude oil futures spiked above $94 per barrel in Asia today, hitting around two month high.

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