NEW YORK (TheStreet) -- The S&P 500 closed with barely-there gains on Tuesday as oil rallied on a more positive forecast for crude prices this year.
The S&P 500 was up 0.03%, the Dow Jones Industrial Average fell 0.03%, and the Nasdaq slid 0.15%.
The government's Energy Information Administration raised 2015 forecasts for West Texas Intermediate crude to an average $55.35 a barrel, above a previous forecast of $54.32. The organization trimmed 2016 forecasts to an average $62.04 a barrel, down from a previous $65.57.
West Texas Intermediate crude rallied Tuesday after several days of losses. The commodity closed 3.4% higher to $60.14 a barrel, a one-week high.
Though the S&P 500 closed with gains, it wasn't without a struggle with little to drive benchmark indexes upwards. Investors are bracing for next week's Federal Reserve meeting in the wake of Friday's stellar monthly jobs report and ahead of May retail sales out later this week. The Fed will kick off its two-day meeting on Tuesday, June 16, and it will conclude mid-afternoon on Wednesday.
"The economy gives you nothing and there's no news. It gives extraneous data outsized importance," said James Meyer, chief investment officer at Tower Bridge Advisors, told CNBC. "It's a trading-dominated market, not a fundamentally-dominated market."
"We have scale, and we have leveraged the opportunities where we could benefit from partnerships," said CEO Mary Barra ahead of the company's 2015 shareholder meeting.