U.S. stocks recovered a portion of their losses on Tuesday, with the S&P 500 back above 2,000 after falling below the level for the first time in nearly four weeks.
"Maybe having five down days in a row, the market stretched a little too far in a short period of time," Peter Boockvar, chief market strategist at the Lindsey Group, said of benchmark indexes reclaiming more than half of the ground lost during the session.
Energy companies remained in the red as investors fretted the implications of crude's failure to find a floor, with crude prices on Tuesday falling another 4.2 percent and closing below $48 a barrel.
"Oil hasn't found a bottom yet, and that's a concern for investors, who may be extrapolating that the global economy is slowing down," said Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management.
"Lower gasoline costs are a boost for consumers, bolstering discretionary spending and income levels. On the negative side, it's a headwind for companies within and around the energy patch, elevating concerns about lower earnings estimates, which translates into some valuation concerns," Terry Sandven, chief equity strategist for U.S. Bank Wealth Management, said.
"It's still a buy the dips, grind higher equities market," Sandven added.
The CBOE Volatility Index, a measure of investor uncertainty, climbed 6 percent to 21.12.