U.S. stocks closed sharply lower Tuesday after a report showing showing a worse-than-expected plunge in existing home sales reignited fears about an economic slowdown.

The Dow Jones industrial average (INDU) sank 134 points, or 1.3%, the S&P 500 (SPX) lost 15 points, or 1.5%, and the Nasdaq (COMP) composite fell 36 points, or 1.7%.

Disappointing economic news has sent investors flocking to the perceived safety of Treasurys and the Japanese yen, which hit a 15-year high against the dollar early Tuesday.

(Source: CNN)