Major Averages Close Mixed As Dow Ekes Out Modest Gain

(RTTNews) - After ending the previous session roughly flat, stocks fluctuated over the course of the trading day on Tuesday. The markets had a somewhat negative bias on the day, however, as a sharp drop by the price of crude oil weighed on energy stocks.

Crude oil for December delivery tumbled $1.59 to a three-year closing low of $77.19 a barrel. Brent crude, the international benchmark, also hit a four-year low.

The steep drop by the price of crude oil came amid news that Saudi Arabia, OPEC's largest oil producer, cut export prices to the U.S. due to an increase in domestic production.

Oil service stocks turned in some of the worst performances within the energy sector, dragging the Philadelphia Oil Service Index down by 3.3 percent. With the loss, the index pulled back toward the nearly two-year closing low set last month.

Weatherford (WFT) and Nabors (NBR) posted particularly steep losses on the day, tumbling by 7.6 percent and 7.1 percent, respectively.

Outside of the energy sector, gold stocks showed a substantial move to the downside, dragging the NYSE Arca Gold Bugs Index down by 3.9 percent. The index fell to a new six-year low, as gold for December delivery dipped $2.10 to $1,167.70 an ounce.

Steel stocks also saw considerable weakness, resulting in a 1.9 percent loss by the NYSE Arca Steel Index. AK Steel (AKS) led the sector lower after reporting a third quarter loss.

Meanwhile, airline and trucking stocks moved sharply higher on the day amid optimism about lower fuel prices. The NYSE Arca Airline Index surged up by 3.1 percent, while the Dow Jones Trucking Index jumped by 2 percent.

While the Dow managed to inch up 17.60 points or 0.1 percent to 17,383.84, the broader Nasdaq and S&P 500 both closed in the red. The Nasdaq slid 15.27 points or 0.3 percent to 4,623.64, and the S&P 500 fell 5.71 points or 0.3 percent to 2,012.10.