Stocks Ended Lower as Energy Dropped

U.S. stocks ended lower on Tuesday, as plunging crude oil prices weighed on energy shares. The Dow industrials dropped 109.85 points, or 0.64%, to 16,964.10. The S&P 500 shed 22.50 points, or 1.12%, to 1,979.26. The Nasdaq Composite slid 59.43 points, or 1.26%, to 4,648.83.

Oil prices fell 3 percent on Tuesday, as Goldman Sachs suggested the rally was unsustainable and analysts predicted U.S. stockpiles reached record highs again last week. Brent settled down $1.19, or 2.9 percent, at $39.65 a barrel. U.S. crude closed down $1.40, or 3.7 percent, at $36.50.

Citigroup Inc (C.N) first-quarter markets revenue is running 15 percent lower than a year earlier and its investment banking revenue is off by 25 percent, Chief Financial Officer John Gerspach said on Tuesday.

Shares of telecom equipment maker Oclaro Inc (OCLR.O) fell 17.7 percent — their biggest percentage drop in almost two years — on Tuesday, after the company indicated that its current-quarter revenue could be hurt by the U.S. government’s export restrictions on key customer ZTE Corp (000063.SZ).

Shake Shack (SHAK) shares got shellacked on Tuesday, plunging 11% after the company said it expected sales growth to slow dramatically this year.The burger joint reported late Monday that same-store sales may increase just 2.5% to 3.5% in 2016.

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