Energy shares weigh as U.S. stocks finish mixed
NEW YORK - U.S. stocks relinquished much of their gains Tuesday as the price of oil tumbled, hitting the energy sector.
The Dow Jones industrial average rose 28 points, or 0.2 percent, to 16,016. The Standard & Poor's 500 index added a point to 1,881. The Nasdaq composite index shed 11 points, or 0.3 percent, to 4,477.
U.S. markets were closed Monday for the Martin Luther King, Jr. Day holiday. Stocks fell sharply on Friday, and the first two weeks of this year were the worst start to a year in the history of the Dow and the S&P 500 index.
Morgan Stanley erased gains that came after the company said it turned a profit in the fourth quarter.
Jewelry retailer Tiffany fell after it said sales dropped in the fourth quarter. The company also forecast minimal growth in 2016.
Delta Air Lines reported a bigger fourth-quarter profit because of falling fuel prices. Delta expects fuel to be even less expensive in the first quarter. Its shares rose.
Health insurer UnitedHealth Group posted stronger-than-expected results in the fourth quarter. Its stock rose.
European and Asian stocks rallied after China's quarterly economic growth met expectations. While growth in China continues to slow down, the results calmed investors who thought conditions might get worse. China is the second-largest economy in the world, and stocks have tumbled this year because of worries about the health of its economy.
Benchmark U.S. crude fell $1.05, or 3.6 percent, to $28.37 a barrel in New York. Brent crude, a benchmark for international oils, rose 12 cents, or 0.4 percent, to $28.67.
Energy and mining stocks continued to fall on concerns about reduced worldwide demand.