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Overnight Markets: Dow pares 283-point gain to close lower

The S&P 500 traded above 2,800 for the first time earlier in the session.

 
Overnight Markets: Dow pares 283-point gain to close lower

Wall Street closed lower on Tuesday, paring gains in late afternoon trading, as decline in oil prices weighed on the energy sector.

The Dow Jones Industrial Average rose 11 points, or 0.04%, to 25,814. At its session highs, the index traded above 26,000 and 283 points higher.

The S&P 500 lost five points, or 0.20%, to 2,781. The index had traded above 2,800 for the first time earlier in the session. The Nasdaq Composite fell 21 points, or 0.29%, to 7,240.

The energy sector fell 1.0% as Brent crude oil shed some of its recent gains, falling nearly $1 per barrel. Range Resources (RRC) closed down 4.5%.

Industrials and materials were the other major laggards on the S&P, down 0.9% and 1.3%, respectively.

General Electric dropped 3.4% after raising the prospect of breaking itself up and announced more than $11 billion in charges from its long-term care insurance portfolio and new US tax laws.

Viacom fell 6.1% amid news CBS Corp and the company were not in active merger discussions.

UnitedHealth rose 2.3% after the largest US health insurer reported results that beat estimates and raised its 2018 earnings outlook.

Merck surged 6.4% after early results from a key study showed its blockbuster drug Keytruda and two chemotherapy medicines helped lung cancer patients live longer and stopped the disease from advancing.

Citigroup (C) rose 0.4% after the bank reported an $18.3 billion loss for the fourth quarter due to the new tax law.

In deal news, Energizer Holdings (ENR) surged 14.5% after the company said it will acquire the battery and lighting assets of Spectrum Brands (SPB). Spectrum gained 4%.

In Asia, shares traded in negative territory early on Wednesday after Wall Street closed lower in the previous session.

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