Stocks tumble as stimulus, infra costs spook investors

The CBOE volatility index eased to its lowest level in 13 months before jumping about 11% on the day. Wall Street's so-called fear gauge still hovers near pandemic lows.

NEW YORK: U.S. stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors who also fear further downside in the market.

Remarks by Treasury Secretary Janet Yellen that the U.S. economy remains in crisis from the pandemic as she defended developing plans for future tax increases to pay for the new public investments put investors on alert.