Durable goods orders drop helps spur stock selloff

Wall Street stock selling accelerated Tuesday afternoon because of falling markets in China and Europe and a steep decline in durable goods orders.

Led by a significant drop in demand for commercial airplanes, factory orders for big-ticket manufactured goods dipped in January by the largest amount in three months. The Commerce Department today reported that orders fell 7.8 percent in January compared to December, the largest one-month drop since October's 8.1 percent.

For more information, read the reports on CNNMoney.comand MSNBC.com.