NEW YORK (TheStreet) -- The Dow Jones Industrial Average dropped for its second straight day and the S&P 500 fell from record highs as global oversupply of oil and political uncertainty in Greece continued to cause headaches.
The S&P 500 fell 0.27%, the Dow dropped 0.25% and the Nasdaq slid 0.32%.
Crude oil prices recovered from session lows on Tuesday with West Texas Intermediate crude up 0.15% to $53.69. A day earlier, the commodity had briefly moved higher as fires wiped out three oil-storage tanks at Libya's central export terminal, giving hope of a solution to global oversupply.
"Despite the drop in oil prices, producers, particularly U.S. shale focused companies, continue to try to maintain output due to debt service and other cash flow needs," said James Abate, CIO of Centre Funds, in an email.
European markets moved lower, continuing to be pressured by Greece's failed parliamentary election a day earlier. Greece will now head to a general election to vote for a president in January. International investors are nervous that the left-wing Syriza party could win, putting the country's austerity plans in jeopardy.