Closing Bell: Fitbit Tumbles After Smartwatch Debut; U.S. Stocks End Mixed

U.S. stocks closed mixed after benchmark indexes see-sawed between gains and losses for much of the day. Crude oil closed 2 percent lower. Auto sales reached a record high in 2015 as more Americans bought new cars thanks to low gas prices, a booming job market, and improved consumer confidence. A total 17.5 million vehicles were sold over the year, up from a previous record set 15 years ago. Fitbit (FIT) tumbled after launching its Apple (AAPL) Watch rival, the Blaze smartwatch. Investors showed uncertainty the company can hold its own against the tech giant which currently holds the top position in the burgeoning wearables market. Separately, Apple is reportedly planning to cut orders of its iPhone 6S and 6S Plus this quarter by 30 percent on an inventory backlog at retailers in Asia and Europe.