Jan. 22 (UPI) -- Concerns over trade with China and global growth estimates Tuesday snapped a streak of four consecutive days of gains for the Dow Jones Industrial Average.
The Dow fell 301.87 points, or 1.22 percent, to 24,404.48, while the S&P 500 dropped 1.4 percent and the Nasdaq Composite slid 1.91 percent amid reports that the United States turned down an offer for preparatory trade talks with China.
At its lowest point, the Dow dropped 462 points after a report that the White House uninvited two Chinese trade representatives scheduled to visit the United States to prepare for talks between China's vice premier and U.S. Trade Representative Robert Lighthizer.
The stocks bounced back from their lows when White House economic adviser Larry Kudlow denied the report to CNBC.
"The story is not true ...There was never a planned meeting," Kudlow said. "We are in constant communication with the Chinese officials. I don't know where people got this idea."
Tuesday saw the markets react to the International Monetary Fund's report Monday lowering its growth estimates for its 2019 World Economic Outlook to 3.5 percent, citing weakening economies in Germany and Turkey.
The National Association of Realtors also said existing housing sales in the United States fell to their lowest levels in three years, adding to the losses for the day.