Also in focus, the U.S. Federal Reserve opened a two-day meeting on Tuesday to discuss current interest rates. Analysts expected Fed to keep interest rates on hold near zero while changing the wording of "an extended period" in the statement.

Tuesday's economic data were all in all upbeat, showing the economy is steadily healing, however they failed to lift the market. Major indexes fell deeper even as consumer confidence data came in much stronger than expected. According to the Conference Board, its Consumer Confidence Index rose to 57.9 in April from March's reading of 52.3, much higher than the 53.7 reading that economists had been expecting.

Separately, report showed home prices in 20 U.S. cities in February rose from a year earlier for the first time in more than three years. S&P/Case-Shiller, which tracks property values in 20 big cities, increased 0.6 percent from the same period last year, but the reading was not as strong as analysts had expected and it was the fifth straight month-on month drop.

As the market close, the Dow Jones industrial average tumbled 213.04, or 1.90 percent, to 10,991.99. The Standard & Poor's 500 index plunged 28.34, or 2.34 percent, to 1,183.71 and the Nasdaq was down 51.48, or 2.04 percent, to 2,471.47. Such sharp decline has not been seen for nearly three month.

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