US stocks fall as oil crash hits Exxon

New York - US stocks tumbled early on Tuesday as ExxonMobil and other petroleum companies reported weak earnings due to the oil rout.

But Google parent Alphabet rose 4.1% to surpass Apple as the world's most valuable company after reporting a five percent rise in fourth-quarter earnings to $4.92bn.

About 45 minutes into trade, the Dow Jones Industrial Average was at 16 196.54, down 252.64 points (1.54%).

The broad-based S&P 500 fell 26.97 (1.39%) to 1 912.41, while the tech-rich Nasdaq Composite Index shed 52.83 (1.14%) at 4 567.53.

Dow member ExxonMobil fell 2.8% after reporting a 58% drop in fourth-quarter earnings to $2.8bn.

US shares of BP tumbled 8.7% after the British oil giant reported a sharp drop in fourth-quarter profits and a 2015 loss of $6.5bn.

Mid-sized oil producer Anadarko Petroleum rose about 0.5% after reporting a $1.3bn loss for the fourth quarter.

The sell-off in US equities followed even deeper declines in European stock markets. Analysts said another drop in oil prices Tuesday was responsible for the poor sentiment.

Dow member Pfizer declined 0.5% as it reported a 50% drop in fourth-quarter earnings to $613m due to higher expenses and the strong dollar.

Mattel surged 11.6% after reporting fourth-quarter net income of $215.2m, up 10.8% from the year-ago level and better than expected. Worldwide sales of its iconic "Barbie" doll rose one percent.

Royal Caribbean Cruises sank 13% after it projected 2016 earnings of $5.90-$6.10 per share, below the $6.27 expected by analysts. Rival firm Carnival fell 6.6%.

Yahoo fell 2.4% on a report that the technology company plans to cut 15% of its workforce, or 1 600 jobs.

After better-than-expected earnings, Dow Chemical rose 1.7%, UPS gained 1.3% and Michael Kors vaulted 16.3%.