NEW YORK (TheStreet) -- Stocks managed to shake off the worst of the day's losses to end just slightly lower thanks to the energy sector, the sole sector component in the S&P 500 to close with gains. Wall Street had been pressured earlier by a continued selloff of government bonds, though Treasury yields did pull back from six-month highs hit in the morning session.
The Dow Jones Industrial Average was down 180 points at session lows. By close, the blue-chip index was down just 0.21%, or 37 points. The S&P 500 was down 0.3%, and the Nasdaq declined 0.35%.
Crude oil rallied to $60 a barrel as the dollar weakened on the global bond rout. The price surge seemingly ignored a Goldman Sachs report which estimated the global oil market will be oversupplied by 1.9 barrels a day this quarter.
"Today's rally is sponsored in part by yesterday's drilling productivity report in the U.S. from the EIA, which points to a drop in U.S. oil production at a couple of key shale plays next month," said Matt Smith, commodity analyst at Schneider Electric. "This bullish influence is in conjunction with a sliding U.S. dollar amid a strong selloff in global bond markets and equity markets too."