iStock/Thinkstock(NEW YORK) — Wall Street closed in the red on Tuesday, with oil prices falling 3 percent after a new report.
The Dow sunk 258.39 (-1.41 percent) to finish at 18,066.68.
The Nasdaq gave up 56.63 (-1.09 percent) to close at 5,155.25, while the S&P 500 finished at 2,127.02, down 32.02 (-1.48 percent) from its open.
Oil: Crude oil tumbled 3 percent with prices hitting over $45 a barrel after the International Energy Agency projected the global oil glut would continue. The IEA September report showed global oil demand is slowing faster than predicted and oil production is stabilizing.
Household Income: New data released Tuesday by the U.S. Census Bureau revealed the median household income in the country rose 5.2 percent last year for its first gain since 2007 when the so-called Great Recession realigned the global economy. Also according to the data, the poverty rate fell from 14.8 percent in 2014 to 13.5 percent in 2015.
Apple: Shares in Apple surged about 3 percent Tuesday as carriers began to reveal record-breaking data on pre-orders for the new iPhone 7 and iPhone 7 Plus. T-Mobile and Sprint both boasted stronger pre-order sales compared to previous iPhones ahead of the official release on Friday. It’s good news for Apple, which has struggled the past two consecutive quarters with its iPhone sales.
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