Stocks sacrificed early gains and turned lower Tuesday as investor enthusiasm over upbeat earnings and tame wholesale inflation data waned in the face of rebounding oil prices, the Associated Press reports.
Solid second-quarter earnings from Coca-Cola Co. and United Technologies Corp. helped stocks to earlier gains, but the advance faded as continued conflict in the Middle East made energy traders nervous about supplies. A barrel of light crude added $1.10 to $76.40 on the New York Mercantile Exchange.
In late morning trading, the Dow dropped 8.33, or 0.08 percent, to 10,739.03, after opening the session higher. Broader stock indicators also rose. The Standard & Poor’s 500 index was down 2.66, or 0.22 percent, at 1,231.83, and the Nasdaq composite index slid 9.87, or 0.48 percent, to 2,027.85.
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