US stocks fall as oil crash hits Exxon; Dow -1.2%
US stocks opened sharply lower Tuesday as ExxonMobil and other petroleum companies reported weak earnings due to the oil rout. - File photo
US stocks tumbled early Tuesday as ExxonMobil and other petroleum companies reported weak earnings due to the oil rout.
But Google parent Alphabet rose 2.9 percent to surpass Apple as the world's most valuable company after reporting a five percent rise in fourth-quarter earnings to $4.92 billion.
About 20 minutes into trade, the Dow Jones Industrial Average was at 16,212.29, down 236.89 points (1.44 percent).
The broad-based S&P 500 fell 24.70 (1.27 percent) to 1,914.68, while the tech-rich Nasdaq Composite Index shed 49.47 (1.07 percent) to 4,570.90.
Dow member ExxonMobil fell 2.1 percent after reporting a 58 percent drop in fourth-quarter earnings to $2.8 billion.
Mid-sized oil producer Anadarko Petroleum was off about 0.5 percent after reporting a $1.3 billion loss for the fourth-quarter.
The drop in US equities followed even deeper declines in European stock markets. Analysts said another drop in oil prices Tuesday was responsible for the poor sentiment.
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