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Slumping oil prices rein in stock indexes

Wall Street saw a retreat Tuesday from record

Wall Street saw a retreat Tuesday from record stock highs as energy shares fell as U.S. oil dropped to $43.23. Credit: AP / Mark Lennihan

Stock indexes retreated from their record heights Tuesday after a slump in the price of oil weighed on energy companies.

The Standard & Poor’s 500 index fell 0.67 percent to 2,437.03, and the Dow Jones industrial average lost 61.85 points to close at 21,467.14. Both the S&P 500 and Dow had set records on Monday thanks to big gains from technology stocks.

The Nasdaq composite lost 0.82 percent, ending at 6,188.03, and the Russell 2000 index of small-cap stocks fell 1.07 percent to 1,402.97.

Losses were widespread across the market, with five stocks dropping on the New York Stock Exchange for every two that rose. Many of the sharpest declines were concentrated in the energy sector, as the price of oil touched its lowest price since mid-November.

Benchmark U.S. crude lost 97 cents, or 2.2 percent, to settle at $43.23 per barrel.

The price of oil has been sloshing between $40 and $55 per barrel for much of the last year, down from a peak of more than $110 in the summer of 2013.

The worst-performing stock in the S&P 500 was Chipotle Mexican Grill, which fell 7.3 percent to $425.60. Chipotle said marketing costs will eat up a slightly bigger percentage of revenue this quarter than in the first three months of the year. — AP

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