The S&P 500 closed just above its 2018 low Tuesday as stocks struggled to keep a rebound alive throughout the session.
The Dow Jones Industrials fell from their highs of the day, but still took on 82.66 points to end the day at 23,675.64, amid gains in Boeing and Goldman Sachs, which posted its first positive day in 10 on Tuesday.
The broader index gained 0.22 points to 2,546.16, after trimming a rally of more than 1% and falling into negative territory in afternoon trading. While consumer discretionary stocks posted the strongest performance, a 2.3% decline in energy stocks kept a lid on the major indexes. The S&P 500 also hit a new intraday low for the year, falling to 2,528.71 before recovering.
The Dow and S&P 500, which are both in corrections, are on track for their worst December performance since the Great Depression in 1931, down more than 7% so far for the month. The S&P 500 is now in the red for 2018 by 4%.
The NASDAQ acquired 30.18 points to 6,783.91, as Amazon, Apple and Netflix all traded higher. Facebook stock rallied 2.4% while Google-parent Alphabet added 1.7%.
The Federal Reserve is widely expected to hike its benchmark overnight lending rate for a fourth and final time of 2018 when it concludes a two-day policy meeting on Wednesday.
Stock of energy companies fell across the board as oil prices sank more than 7% to a 15-month low on Tuesday. Exxon Mobil fell 2.7%, Chevron lost 2.4% and ConocoPhillips dropped 1.9% as the U.S. and Russia continue to pump at record levels ahead of planned output cuts by the Organization of the Petroleum Exporting Countries and its allies.
Also helping sentiment was White House Press Secretary Sarah Sanders, who said that the Trump administration wants to avoid a partial government shutdown and has found alternative revenues to build President Donald Trump’s border wall.
Prices for the benchmark for the 10-year U.S. Treasury grew, lowering yields to 2.83% from Monday’s 2.86%. Treasury prices and yields move in opposite directions
Oil prices dropped $3.66 to $46.22 U.S. a barrel.
Gold prices regained $1.50 to $1,253.30 U.S. an ounce.
