Midday Report: Crude Oil Slump Drags on Energy; Blizzard Suppresses Activity

Stocks move lower on Tuesday in low-volume trading as Fed members convene for their two-day meeting and blizzard conditions in New York stifle activity.
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Stocks moved lower on Tuesday in low-volume trading as Federal Reserve members convened for their two-day meeting and blizzard conditions in New York stifled activity. Crude oil prices slumped, on track for their seventh day of losses, after the Organization of Petroleum Exporting Countries raised its forecasts for non-member production this year. The energy sector was the worst performer on markets Tuesday with the  Energy Select Sector SPDR ETF (XLE) - Get Report falling nearly 2%.  ValeantPharmaceuticals (VRX) tumbled after activist investor Bill Ackman liquidated his position and announced plans to step down from the board.  EuronetWorldwide (EEFT) - Get Report made a rival bid for MoneyGramInternational (MGI) - Get Report . The offer is 15% higher than its current deal with Ant Financial ServicesRubyTuesday (RT) will explore strategic alternatives, including a sale or merger.