The Dow Jones industrial average lost 200 points, or 1.1 per cent, to 17,776 Tuesday. The Dow jumped 263 points the day before.
The Standard & Poor's 500 index lost 18 points, or 0.9 per cent, to 2,067. The Nasdaq composite declined 46 points, or 0.9 per cent, to 4,900.
The price of oil fell $1.08 to close at $47.60 a barrel in New York. Oil lost 4 per cent for the month.
Kraft Foods had one of the biggest declines in the S&P 500, giving up 4 per cent.
Luxury watchmaker Movado jumped 11 per cent after posting surprisingly strong fourth-quarter results.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.93 per cent.