Oil prices rise as UAE refuses to back OPEC+ agreement

New York (CNN Business)Wall Street has been on fire the past several weeks, with the S&P 500 setting seven consecutive record highs through Friday’s close. But at midday Tuesday, an eighth straight high seems like a long shot.

The Dow is down more than 380 points, falling 1.1%. The index ended last week at an all-time high.
The broader S&P 500 fell 0.8% after logging its longest string of records since 1997.

    It wasn’t clear what set off investors, but cyclical stocks, which benefit when the economy is performing well, were taking the brunt of the beating Tuesday. The Dow’s worst performers were Dow Inc (DOW), Chevron (CVX) and Walt Disney (DIS). The S&P’s worst performers were oil field services business Halliburton (HAL), oil field equipment provider Nov Inc (NOV), and exploration company Diamondback Energy (FANG), all driven lower by a pullback in oil prices.

      Although most signs are strong for the US economic rebound, the recent chaos in the oil market — and surge to above $70 a barrel — could hurt consumer spending.

        Oil prices soared early Tuesday after the Organization of Petroleum Exporting Countries and its allies, including Russia and Mexico, called off a meeting to discuss production curbs as demand for oil recovers following the pandemic. But US oil prices fell more than 3% to less than $75 per barrel by midday, pulling back from the recent ascent.
        Back in the stock market, technology is the sector that’s holding up Tuesday: Amazon (AMZN) is the best performer in the S&P and the tech-heavy Nasdaq Composite (COMP) is down just 0.5% in the early afternoon. Nonetheless, the Nasdaq doesn’t look ready to surpass the record high it hit last Friday.
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