Stock market slides in late afternoon trading, erasing much of the previous day's gain

NEW YORK, N.Y. – U.S. stocks slid in late afternoon trading, wiping up much of the market’s gain from the day before.

The Dow Jones industrial average lost 200 points, or 1.1 per cent, to 17,776 Tuesday. The Dow jumped 263 points the day before.

The Standard & Poor’s 500 index lost 18 points, or 0.9 per cent, to 2,067. The Nasdaq composite declined 46 points, or 0.9 per cent, to 4,900.

The price of oil fell $1.08 to close at $47.60 a barrel in New York. Oil lost 4 per cent for the month.

Kraft Foods had one of the biggest declines in the S&P 500, giving up 4 per cent.

Luxury watchmaker Movado jumped 11 per cent after posting surprisingly strong fourth-quarter results.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.93 per cent.