U.S. stocks fell Tuesday, following declines in European and Japanese markets, despite gains in oil prices and good U.S. economic data. Despite declines Tuesday between 0.75 and 1 percent, the three major U.S. indexes still are up about 12 percent or more from their February 11 lows, and the Dow industrials and broader Standard & Poor's 500 are within 4 percent of their 52-week highs. In U.S. economic news, the trade deficit widened more than expected in February, increasing 2.6 percent to $47.1 billion. However, exports, which have been hurt recently by the strong U.S. dollar and weak demand overseas, grew 1 percent. A second government report showed hiring increased to 5.4 million in February, the highest level since late 2006. The U.S. dollar fell versus other major currencies. West Texas Intermediate (WTI) crude futures rose 19 cents, or 0.5 percent, to $35.89 a barrel on the New York Mercantile Exchange. Gold futures briefly jumped more than 1 percent, before settling up $10.30 at $1,229.60 an ounce. The Dow Jones industrial average fell 133.54, or 0.75 percent, to 17,603.46. Twenty-seven of the index's 30 components fell, led by Cisco and United Health, which each fell nearly 2 percent. Shares of Walt Disney fell 1.7 percent after the entertainment giant unexpectedly announced that a potential successor to its current chief executive will leave the company this year. The S&P 500 fell 20.96, or 1 percent, to 2,045.17. All ten sectors fell, led by utilities. Shares of Allergan fell more than 15 percent to a 52-week low after the Treasury Department took new steps to limit tax-avoiding "inversion" deals in which a U.S. company reincorporates overseas following the purchase of a foreign company. Ireland-based Allergan had agreed to be purchased by pharmaceutical giant Pfizer in the biggest inversion deal in history. The technology-heavy Nasdaq composite index fell 47.87, or 1 percent, to 4,843.93. A biotechnology index was lower, as were shares of Apple, which fell 1.2 percent.
