Stocks Closed Lower, Dragged by Energy Shares

U.S. stocks closed lower on Tuesday as oil prices dropped to their lowest since November put pressure on energy shares. The Dow Jones Industrial Average fell 44.11 points, or 0.21%, to 20,837.37. The S&P 500 was down 8.02 points, or 0.34%, to 2,365.45. The Nasdaq Composite shed 18.97 points, or 0.32%, to 5,856.82.

Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have now erased nearly all gains since OPEC announced output cuts in November. Brent settled down 43 cents, or 0.8 percent, at $50.92 a barrel. U.S. West Texas Intermediate crude lost 68 cents, or 1.4 percent, to settle at $47.72 per barrel.

As the market expects the Federal Reserve to increase rates three times this year, the central bank could put a fourth on the books in a way that’s not so obvious. An additional increase — call it a stealth hike — would involve a concerted reduction in the Fed’s balance sheet.

Economic optimism among the nation’s top business leaders jumped to its highest level since 2009 on promises by the Trump administration to slash regulations and overhaul the tax code, according to a survey released Tuesday.