Stocks Hold Gains as Nasdaq Hits Record Close, Energy Sector Lags

U.S. stocks ended higher Tuesday despite a sharp drop in oil prices and declines in the energy sector. The Nasdaq hit a new closing record closing at 5,674. The Dow Jones Industrial Average and Nasdaq hit intraday highs, but the S&P struggled for direction. Oil settled lower, down 1.6% to $52.17 a barrel. U.S. Bank analysts says that,"one of the reasons oil is falling today, is that shale production is starting to ramp up and could offset cuts from some of the major OPEC producers." And oil and gas company BP (BP) - Get Report declined about 4% after the company missed quarterly earnings expectations. Earnings of 13 cents a share missed analysts' estimates of 16 cents. Revenue rose 3.7% to about $51 billion but came in below forecasts. Finally, Twenty-First Century Fox (FOXA) - Get Report shares fell after the media company reported a profit of 46 cents a share, beating Wall Street estimates, while revenue of $7.68 billion missed expectations.