NEW YORK — A slump in energy prices pushed the stock market back from record levels on Tuesday. ADVERTISING NEW YORK — A slump in energy prices pushed the stock market back from record levels on Tuesday. Energy stocks slid
NEW YORK — A slump in energy prices pushed the stock market back from record levels on Tuesday.
Energy stocks slid as the price of oil resumed its descent. Traders speculated member nations of the oil-producing group OPEC would fail to agree on production cuts at an upcoming meeting in Vienna on Thursday. Oil has now dropped almost a third from a peak in June.
While lower oil prices are a long-term boon to consumers and industrial companies, they are a drag on stocks in the near term because the energy sector accounts for about 10 percent of the stock market’s overall earnings.
The Standard &Poor’s 500 index fell 2.38 points, or less than 0.1 percent, to 2,067.03. The Dow Jones industrial average dropped 2.96 points, or less than 0.1 percent, to 17,814.94. The Nasdaq composite gained 3.36 points, or 0.1 percent, to 4,758.25.
Stocks started the day with small gains after a report showed the U.S. economy grew at a solid 3.9 percent annual rate in the July-September period, faster than the 3.5 percent initially reported.
Benchmark U.S. crude fell $1.69 to close at $74.09 a barrel on the New York Mercantile Exchange.
