Stocks closed modestly lower Tuesday on Wall Street after a rally faded in the last few minutes of trading following a sudden drop in the price of crude oil.
Major indexes ended slightly lower after being up more than 3% earlier. The market was coming off an even bigger gain of 7% the day before.
The rally faded after the price of U.S. oil flipped from a gain to a steep loss of more than 9%. It had otherwise been an ebullient day for markets worldwide following encouraging signs that the coronavirus pandemic may be close to leveling off in some of the hardest-hit areas of the world.
The S&P 500 index fell 4.27 points, or 0.2%, to 2,659.41.