HOUSTON (ICIS)--Stocks of US-listed chemical companies fell sharply on Tuesday as the Dow Jones Industrial Average declined by 3.10%.
The index closed at 25,027.07, down 799.36 points. The S&P 500 closed at 2,700.06, down 90.31 points or 3.24%.
The Dow Jones US Chemicals Index closed at 598.31, down 21.43 points or 3.46%.
The decline broke what had been positive developments in the market.
On Wednesday, the index rose by 2.50% after comments from the chairman of the Federal Reserve, Jerome Powell, who said that interest rates are nearly at the point where they are neither stimulating or slowing the economy.
The index rose by 1.13% on Monday, following news that the US and China would abstain from imposing tariffs on each other's imports.
For the past year, the US stock market has been troubled by worries about trade disputes and rising interest rates. The trade truce and Powell's comments would seem to allay such concerns.
However, the financial media warned about yield curve inversions, which can presage future recessions.
Doubts arouse about the truce between the US and China and whether the two countries can address each other's grievances.
On Tuesday, every US-listed stock followed by ICIS fell, with some falling by at least 5%.
Although Tuesday was a rough day for stocks, it was by no means the worst for 2018.
On 5 February, the index fell by more than 6% during the day before closing at 24,345.75, down 1,175.21 points.
The following table lists Tuesday's performance of the stocks followed by ICIS.
|$ Change||% Change|
|Ultrapar Participacoes SA ADR||12.13||-0.16||-1.26|
|Westlake Chemical Partners LP||22.50||-0.36||-1.57|
|Sociedad Quimica Y Minera De Chile SA ADR||45.30||-0.81||-1.76|
|Marathon Petroleum Corp||63.44||-1.22||-1.89|
|RPM International Inc||64.12||-1.27||-1.94|
|Ashland Global Holdings Inc||81.05||-1.74||-2.10|
|Exxon Mobil Corp||79.45||-1.77||-2.18|
|Calumet Specialty Products Partners LP||3.09||-0.07||-2.22|
|Valero Energy Corp||79.47||-1.83||-2.25|
|Occidental Petroleum Corp||69.63||-1.69||-2.37|
|Petroleo Brasileiro SA Petrobras ADR||14.68||-0.36||-2.39|
|Enterprise Products Partners LP||26.30||-0.72||-2.66|
|DCP Midstream LP||34.44||-1.00||-2.82|
|Braskem SA ADR repr Class A||27.23||-0.80||-2.85|
|CF Industries Holdings Inc||42.60||-1.26||-2.87|
|Alerian MLP ETF||9.56||-0.29||-2.94|
|PPG Industries Inc||106.77||-3.79||-3.43|
|W R Grace & Co||62.23||-2.22||-3.44|
|Ecopetrol SA ADR||19.73||-0.73||-3.57|
|PBF Energy Inc Class A||35.09||-1.30||-3.57|
|Eastman Chemical Co||77.73||-3.22||-3.98|
|LyondellBasell Industries NV||90.56||-3.76||-3.99|
|The Mosaic Co||35.36||-1.51||-4.08|
|Axalta Coating Systems Ltd||24.54||-1.17||-4.53|
|Westlake Chemical Corp||70.41||-3.41||-4.62|
|Platform Specialty Products Corp||11.41||-0.58||-4.84|
|Venator Materials PLC||5.01||-0.28||-5.21|
|The Chemours Co||27.20||-1.65||-5.72|
|PQ Group Holdings Inc||14.69||-0.90||-5.77|
|Kronos Worldwide Inc||11.95||-0.85||-6.64|
|H.B. Fuller Co||44.65||-3.35||-6.98|
Photo: stock market