Wall Street moves lower after European declines

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Dow Jones Industrial Average

Last Updated at 19 Mar 2018, 19:58 GMT *Chart shows local time Dow Jones intraday chart
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(Close): US stocks followed their European peers lower after an earlier rally.

The Dow Jones Industrial Average fell 0.6% to 17,175.19, while broad-based S&P 500 fell 0.65% to 1,989.30.

The tech stock-heavy Nasdaq declined 1.04% to 4,605.16.

Oil prices sank to new lows - depths not seen in more than five and a half years - on worries about excess supplies.

US crude fell 3.3% to $55.91 per barrel.

"What continues to be the focus for the markets is oil," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

US manufacturing output had its largest increase in nine months in November as production expanded. However, the New York Federal Reserve's gauge of manufacturing turned negative in December for the first time in almost two years.

Shares of pet supply retailer PetSmart rose 4.3% after it agreed to be bought by a private equity consortium led by BC Partners Ltd for $8.7bn (£5.56bn), in the largest leveraged buyout of the year.