NEW YORK (AP) — Sudden twists in the price of oil and currency trading turned the stock market into a roller-coaster ride on Tuesday.
Major indexes opened lower as falling oil prices and a plunge in the Russian ruble weighed on markets. Less than an hour later, crude oil recovered and oil and gas producers surged, driving the Dow Jones industrial average up as much as 246 points in the morning. All of the gains were wiped out in the last hour.
The price of U.S. oil settled higher on Tuesday for the first time in a week, rising 2 cents to close at $55.93 a barrel in New York. Oil has fallen by nearly half since June as demand wanes and supply surges. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.20 to close at $59.86 in London.