It has fallen about 70 per cent from its peak of almost $20,000 in December and was down nearly 50 per cent so far this year.
The largest percentage gainer was cannabis company Canopy Growth Co (WEED.TO), which rose 19 per cent. The biggest decliner was Element Fleet Management Corp (EFN.TO), a provider of services and financing for commercial vehicle fleets, which fell 29 per cent after issuing a profit warning on Monday.
The White House moved to reassure markets after the Dow Jones Industrial Average index dropped by 1,175 points.
Outside of the Dow, the tech-heavy Nasdaq 100 was one of the best-performing indexes, up half a percent Tuesday afternoon.
"Investors are fearful that inflation. will rise faster than expected due to the impact of a weak dollar on import prices and rising wages, and that as a result interest rates may also rise faster than expected", wrote Colin Moore, global chief investment officer at Columbia Threadneedle Investments.
While some debate remained about the catalyst for the losses, which began last week, few doubted that a stock market correction was now well under way as the Dow's cumulative losses in the past week exceeded 8%.
On the commodities front, the March crude contract fell US$1.30 to US$64.15 per barrel and the March natural gas contract was down 10 cents to US$2.75 per mmBTU.
What caused this global fall in the market?
In Asia, the Nikkei 225 Average in Japan dumped 4.76% to 21,603.5, while Australia's S&P/ASX 200 slid 3.2% to 5,833,3. "You're supposed to be in things for the long-term for investments".
The surge in the volatility index.VIX and the halting of trading on Tuesday puts in focus the scale of nerves in a handful of exchange-traded funds that allow investors to bet on market swings staying low. Traders rushed to the safety of the Treasury amidst the sell-off stocks, with the ten-year yield at 2.72% down 12 basis point. "The president's tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people". But as trading commences in late January and February, markets saw this movement stall with experts raising concerns.
Reitzes said that fundamentals certainly were not driving the "market turmoil".