Stocks Closed Lower amid Hawkish Fed Talk

U.S. stocks closed lower on Tuesday, as investors weighed hawkish comments by Federal Reserve officials against sharp gains for oil futures. The Dow Jones Industrial Average fell 84.03 points, or 0.45%, to 18,552.02. The S&P 500 dropped 12.00 points, or 0.55%, to 2,178.15. The
Nasdaq Composite was off 34.90 points, or 0.66%, to 5,227.11.

The time for another interest rate hike is approaching and a move as soon as the next meeting in September is a possibility, said New York Fed President William Dudley on Tuesday.

U.S. consumer prices were unchanged in July but a rise in industrial output and home building suggested a pickup in economic activity that could allow the Federal Reserve to raise interest rates this year.

Oil futures finished higher Tuesday, with prices notching a fourth-straight session gain, finding support from weakness in the U.S. dollar. September West Texas Intermediate crude added 84 cents, or 1.8%, to settle at $46.58 a barrel.October Brent crude climbed by 88 cents, or 1.8%, to $49.23 a barrel.