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Stocks fall back after boost from oil price jump

The New York Stock Exchange in Manhattan on

The New York Stock Exchange in Manhattan on July 15, 2013. Credit: AP / Mark Lennihan

A jump in the price of oil gave energy stocks a boost and nudged the indexes to gains for a time Tuesday afternoon, before they dipped to close with losses. Investors were also following the latest economic news and negotiations between Greece and its creditors.

At the close on Wall Street, the Dow Jones industrial average was down 28.4 points, about 0.2 percent, at nearly 18,012. The Standard & Poor's 500 index gave up 2.3 points, about 0.1 percent, to 2,109.6. The Nasdaq composite shed 6.4 points, about 0.1 percent, to 5,076.5.

ENERGY: As the markets closed, benchmark U.S. crude was up $1.10 at $61.31 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, gained 86 cents to $65.74 a barrel in London.

SLUGGISH GROWTH: U.S. factory orders tumbled in April, a sign that manufacturers are struggling after a rally in dollar. Orders fell 0.4 percent in April, marking the eighth decline in nine months, the Commerce Department said Tuesday.

GREECE IN FOCUS: A day after an emergency meeting of Greece's international creditors, the country submitted a proposal it hopes will seal a deal to secure funds from its lenders. Greek Prime Minister Alexis Tsipras said it is now up Europe's leaders to accept a deal or risk potentially disastrous consequences for the region. For four months, Greece and its creditors have been locked in a standoff over what reforms the country needs to make to get more loans.

EUROZONE INFLATION: Consumer prices in the 19-country eurozone are rising for the first time since last November. Official figures Tuesday from the European Union's statistics agency, Eurostat, showed that consumer prices across the currency bloc were up 0.3 percent in May from the year before. That's up from the flat reading in April and is the first positive reading since November.

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