Stocks came off highs on Tuesday morning, threatening a record run that saw all benchmark indexes close at new highs on Monday, as crude oil prices faltered.
The S&P 500 was up 0.03%, the Dow Jones Industrial Average added 0.12%, and the Nasdaq rose 0.13%. The Dow traded above a milestone 19,000 for the first time and has hovered near that level ever since markets opened.
Wall Street scored a trifecta of record closes on Monday as a crude oil rally gave stocks an across-the-board boost. The S&P 500, Dow, and Nasdaq each scored their own record close, the first time all have done so on the same day since mid-August. The three had previously closed at records simultaneously back in 1999.
Crude oil prices fell back from Monday's highs on Tuesday, though remained above $48 a barrel. Prices surged on Monday after Russian President Vladimir Putin suggested a willingness to agree to a production freeze deal with Organization of Petroleum Exporting Countries. OPEC officials are currently meeting in Vienna to discuss terms of a deal. Members will meet again in Vienna on Nov. 30 to vote on the deal. A Nigerian delegate told The Wall Street Journal that members should be on board with the terms "by the end of the day."
Oil prices have fluctuated on renewed hopes for an OPEC deal that would rein in record production from the world's largest oil producers. OPEC aims to limit production to 32.5 million to 33 million barrels a day. The bloc reached a record 33.83 million barrels a day last month.