NEW YORK (TheStreet) -- U.S. stocks closed mixed on Tuesday with the S&P 500 sustaining its first two-day losing streak in three weeks. Any investor confidence from last week's record highs was undercut by falling oil prices and global growth concerns.
The S&P 500 slid 0.29% and the Nasdaq slipped 0.33%. The Dow Jones Industrial Average pared earlier losses, gaining 0.1% by market close with its transports and utilities sectors touching record highs.
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Watch the video below for a closer look at how U.S. markets ended the trading day Tuesday:
"This is a noisy kind of day," Wells Fargo's Scott Wren told TheStreet. "Earnings continue to come in good, not great, [and] the economic data continues to suggest that we're in a modest growth environment without a lot of inflation." Wells Fargo maintained its forecast for the S&P 500 to close between 2,050 and 2,100 by year's end.
Prices for West Texas Intermediate oil slumped 2.03% to $77.18 a barrel and Brent crude slid 2.47% to $82.69 a barrel after Saudi Arabia slashed the price of imports for December delivery by 45 cents from a month earlier.
"If the oil price is down because it's a waning economic growth story globally, then that's a concern for investors," said Karyn Cavanaugh, senior market strategist for Voya Investment Management, in a phone call. "If it continues to go down due to waning global growth (and therefore, deflationary), that would spell trouble for corporate earnings and for the economy as a whole."