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US stocks dropped on Tuesday as crude prices have entered a bear market, pressuring energy shares, on continuous concerns regarding supply glut.
US crude for July delivery settled at $43.23 per barrel, down 2.19%, amid hints of higher output. It traded at least 20% below its 52-week high.
The S&P 500 stood at 2,437.03, down 0.7%, with nine major sectors declining. The energy sector headlined the losers with 1.3% drop.
The Dow Jones touched a record before erasing 0.3%, to trade at 21,467.14. The Nasdaq Composite closed at 6,188.03, down 0.8%. It has inched lower over the past few weeks on woes the tech industry is experiencing a bubble.
Stocks of oil firms were among the worst performers. Marathon Corp. shares lost 3.4%, while Transocean shares erased 4.2%.
