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Stock rally loses steam as oil prices slide

Wall Street’s stock market rally fizzled in the final hour of trading Tuesday following another plunge in oil prices.

The Dow Jones Industrial Average fell 26.13 points to close at 22,653.86, erasing gains after climbing nearly 1,000 points early in the day. The Standard & Poor’s 500 lost 0.2% to end at 2,659.41, after being up as much as 3.5%.

The gains mostly evaporated in late trading after the price of U.S. crude oil slid more than 9%. Energy stocks in the S&P 500 slung onto a 2.5% gain after earlier being up nearly 8%.

Energy markets remained volatile as traders looked for signs that Saudi Arabia and Russia may back off their price war and cut back on some of their production. Demand for oil has plummeted due to the weakening economy, and any cutback in production would help prop up its price. A meeting between OPEC, Russia and other producers planned for Monday was pushed back to Thursday.

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