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After the Dow shed 4.6 percent on Monday, Japan's Nikkei and Hong Kong's Hang Seng both dipped by about 5 percent. European shares were also down sharply in early trading.

The harsh winter weather's impact on job growth in February was less than expected, as U.S. employers added 175,000 jobs to their payrolls last month. The unemployment rate edged up to 6.7 percent.

New labels will define serving sizes clearly and state that each serving contains 0.6 ounces of alcohol. The changes come as part of a deal to settle the Federal Trade Commission's claim that Four Loko maker Phusion Projects engaged in deceptive advertising.

The Fed is staying the course with its $85 billion monthly bond-buying stimulus. Chairman Ben Bernanke is also expected to answer questions about the banking crisis in Cyprus.

The recall covers 971,000 cars worldwide and includes all model years of the Chevy Cobalt, HHR, Pontiac G5, Solstice, Saturn Ion and Sky. It follows a recall of 1.6 million cars last month.

Both chambers voted for the destitution in a little more than 24 hours, a process that took many by surprise.

Earlier this week, Taiwanese-American attorney Grace Meng won the Democratic primary for New York's newly redrawn 6th Congressional District. If she wins the general election in November, she'll become New York City's first Asian-American member of Congress.

The station paused at 6:45 a.m. ET to remember reporter Alison Parker and cameraman Adam Ward, who were killed during a live broadcast.

The scorching temperatures are happening during a destructive wildfire season and a brutal drought. The average maximum temperature across the country on Tuesday was 105.6 degrees Fahrenheit.

The largest Carr Fire, which has engulfed more than 100,000 acres and killed 6 people, is now 23 percent contained. Meanwhile, the Ferguson Fire west of Yosemite National Park is 30 percent contained.