Stocks remained off session highs on Tuesday, though remained on track to close at new records even as crude oil prices faltered.
The S&P 500 was up 0.13%, the Dow Jones Industrial Average added 0.29% to trade above 19,000 again, and the Nasdaq rose 0.21%. The Dow traded above a milestone 19,000 for the first time earlier in the session.
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 backed off Monday's gains on Tuesday as optimism over whether major oil producers could reach a compromise on a production freeze deal dissipated. Iran, Iraq and Indonesia have reportedly resisted parts of the deal in a conversation in Vienna on Tuesday, according to Reuters. OPEC members are currently debating whether to cut output by 4% to 4.5%, excluding Libya and Nigeria. Members will meet again in Vienna on Nov. 30 to vote on the deal.
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.
"The focus is firmly fixated on next week's meeting of OPEC with Russia," said Fawad Razaqzada, technical analyst at FOREX.com. "Oil prices remain generally supported but inside a market structure that is characterized by lots of false moves and indecisive price action. I am expecting to see further choppy price action until at least after the OPEC meeting."