Stocks Rally Evaporate, End in Red

U.S. stocks ended Tuesday’s volatile session, punctuated by massive triple-digit swings in the key benchmarks, slightly lower. The Dow Jones Industrial Average turned a 280-point gain into a 120-point loss, but eventually settled 27.10 points, or 0.15%, lower at 17,613.68. The S&P 500 lost 5.23 points, or 0.26%, to 2,023.03.The Nasdaq Composite was down 3.21 points, or 0.07%, to 4,661.50.

The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices.

Oil tumbled 5 percent to near six-year lows before recovering ground on Tuesday, and Brent briefly traded at par to U.S. crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States. Brent settled down 84 cents at $46.59 a barrel, after falling to $45.19, its lowest since March 2009.

CSX Corp, the third-largest U.S. railroad, on Tuesday reported a higher quarterly profit that was in line with Wall Street expectations. The Jacksonville, Florida-based company reported a net profit of $491 million, up 15 percent from $426 million a year earlier.

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