NEW YORK — Stocks edged mostly lower on Tuesday, led by a drop in energy stocks as the price of oil fell to its lowest in four years following reports that Saudi Arabia has cut its prices to the U.S.
KEEPING SCORE: The Standard & Poor's 500 index dropped three points, or 0.2 percent, to 2,014 as of 10:13 a.m. Eastern time. The Dow Jones industrial average edged up 17 points, or 0.1 percent, to 17,381 points. The Nasdaq composite fell eight points, or 0.2 percent, to 4,629.
OIL TUMBLES: U.S. benchmark crude slumped $2.05, or 2.6 percent, to $76.72 a barrel. Brent crude, the international benchmark, fell $2.34, or 2.8 percent, to $82.43 a barrel. Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails earlier expectations. Energy stocks in the S&P 500 index dropped 2.2 percent.
EUROPE'S DAY: The European Union cut its already low economic growth forecasts further on Tuesday, indicating the recovery will remain sluggish amid problems for the biggest economies, particularly France and Germany. The official forecast for growth this year in the 18-country eurozone was cut to 0.8 percent from a prediction of 1.2 percent made in the spring. The institution also cut its forecast for next year.
Germany's DAX was flat at 9,248 while France's CAC-40 fell 0.6 percent to 4,168. The FTSE 100 of leading British shares was flat at 6,486.
SUPPLEMENT SLUMP: Herbalife shares sank in after the company reported disappointing third-quarter results and a weak outlook late Tuesday. The seller of supplements and weight-loss products reported a profit of $11.2 million, or 13 cents per share, for the most recent quarter. That's down 92 percent from the $142 million, or $1.32 per share, earned last year.
BONDS AND CURRENCIES: The dollar's surge against the yen abated Tuesday after rising to its highest point in almost seven years on Monday. The US currency traded flat at 113.65 against the yen. It was also little changed against the euro, trading at 1.25 euro per dollar.
The yield on the 10-year Treasury note was unchanged from Monday at 2.34 percent.
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