NEW YORK (TheStreet) - It was China and Greece, not oil, which received the bulk of blame for a selloff which saddled U.S. indices with triple-digit losses at one point over Tuesday's session.
"In the first sixty minutes of trading, the run rate was very heavy," UBS' Arthur Cashin told CNBC. "It would project over a billion shares at the end of the day. That indicates to me that some of this selling is coming from offshore, that it's not all domestically grown."
The S&P 500 hit a one-month low earlier Tuesday, before clawing back to its flatline. The Dow Jones Industrial Average saw its first back-to-back loss since October, down 0.29%. Earlier, the benchmark indices plummeted more than 1% as part of a global market selloff triggered by worries over China's growth prospects and political uncertainty in Greece.
The one shining beacon of Tuesday's was small-caps which managed to pull the Nasdaq and Russell 2000 into positive territory in the afternoon session. The tech-heavy Nasdaq gained 0.54% as shares of biotherapeutic drug developer Bluebird (BLUE) spiked 74% on positive results from a recent blood disorder treatment. The Russell added 1.6% as investors picked up bargains among small-cap energy stocks such as Triangle Petroleum (TPLM) , Petroquest (PQ) , Halcon Resources (HK) and Goodrich Petroleum (GDP) .