Stocks edge lower, oil prices rise despite release of crude

StocksStocks edged lower in choppy trading on Wall Street Tuesday as losses from communication and technology companies tempered gains elsewhere in the market.

The S&P 500 fell 0.3%, The Dow Jones Industrial Average rose 0.2% and the Nasdaq slipped 1.3%.

Prices for crude oil and wholesale gasoline rose despite the fact that President Joe Biden ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs.

The move was made in concert with other big oil-consuming nations.

Gains from banks and energy companies tempered losses from falling communications and technology stocks.

Categories: National News