The stock market dropped modestly on Tuesday, with energy shares leading the losses as oil prices declined, while investors continued to be worried about the tensions between Russia and Ukraine.
The Dow Jones industrial average fell 9.44 points, or 0.06 percent, to close at 16,560.54, according to preliminary figures. The Standard & Poor's 500-stock index slipped 3.17 points, or 0.16 percent, to 1,933.75. The Nasdaq composite fell 12.08 points, or 0.27 percent, to 4,389.25.
Seven of the S.&P. 500's 10 primary industry sectors declined.
Traders rushed to sell shares of Kate Spade & Company, which plummeted 25.4 percent to $29, after the handbag and accessories retailer warned that gross margins would be weaker than expected for the year.
Interactive Feature | Standard & Poor's 500-Stock Index
Russia sent a convoy of 280 trucks carrying humanitarian aid to eastern Ukraine on Tuesday. Western officials had been wary of the gesture, fearing Russia would use the guise of a humanitarian mission to invade Ukraine, but the Russian Foreign Ministry said it would hand off the convoy to the Red Cross after crossing the border.
Investors also kept an eye on Iraq, where the United States ruled out sending combat forces but said it would consider "additional political, economic and security options" to help its new prime minister-designate transition into office.
"This is another lull in the market. With earnings season basically done and people on vacation, any little bit of news will move the market," said Malcolm Polley, president and chief investment officer of Stewart Capital Advisors.
"We already know the Middle East is unstable and that Russia is sending an aid convoy to Ukraine, so this is all the continuation of a longer-term issue that has been boiling for a long time," Mr. Polley said.
Sharp declines in oil prices sent the S.&P. 500 energy index down 0.7 percent. Consol Energy dropped 2.4 percent to $39.49 and Pioneer Natural Resources lost 2 percent to $204.58. Brent crude oil fell to a 13-month low, dropping 1.6 percent to $103.02 a barrel.
Tekmira Pharmaceuticals, which is developing an Ebola treatment, saw its shares plunge 21.8 percent to $18.61 after a recent rally in the biotechnology company's stock. The World Health Organization said it backed the use of experimental Ebola drugs to treat the outbreak in West Africa.
Other drug companies rallied. Intercept Pharmaceuticals jumped 16.6 percent to $276.52 a day after the company said its drug to treat liver disease was effective in midstage trials. Exact Sciences rose 2.2 percent to $17.46 after the Food and Drug Administration approved the company's noninvasive colorectal cancer screening test.
Shares of the mobile service provider NII Holdings plummeted 75.6 percent to 16 cents a day after the company said it might have to file for bankruptcy after struggling to compete in Brazil and Mexico. The stock has lost more than 90 percent this year.
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