WASHINGTON (dpa-AFX) - U.S. stocks moved in a narrow trading range on Tuesday as investors digested comments from U.S. President Donald Trump.
The major averages opened mixed on Tuesday and then faded after Trump's speech but ticked higher to finish on oppositive sides of the line and largely unchanged.
The Dow sank 185.14 points or 0.36 percent to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45 percent to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points or 0.00 percent to end at 7,764.64.
Speaking before the United Nations General Assembly in New York, Trump said that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to 'annihilate the Islamic Republic.' He also spoke of setting up a 'large military presence' on Greenland.
Stocks slumped in reaction but recovered later in the day as energy prices continued to fall, easing inflation concerns and the possibility of another interest rate hike from the Federal Reserve.
Crude oil prices fell on Tuesday, losing for a fifth straight session amid hopes that diplomatic efforts may end the conflict between U.S. and Iran. West Texas Intermediate crude for November delivery was down $5.20 or 5 percent to $90.50 per barrel.
Gold prices dropped on Tuesday, extending recent weakness, as the U.S. dollar firmed up as comments from several Fed officials suggested the central bank will keep interest rates higher for longer.
There was a lack of economic data on Tuesday, although reports on initial jobless claims and new home sales are due on Thursday; on Friday, data on durables goods orders for August, and consumer confidence index score from the University of Michigan will be out.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday, thanks to falling oil prices and softening U.S. Treasury yields. China's Shanghai Composite Index perked 0.06 percent, while the KOSPI in South Korea rose 0.15 percent and the TSE in Taiwan added 0.17 percent. Japan's Nikkei 225 was off on holiday.
Meanwhile, European stocks turned in a mixed performance on Tuesday as investors largely made cautious moves, tracking geopolitical news and continuing to weigh recent policy moves of major central banks.
The FTSE in London slipped 30.68 points or 0.29 percent to 10,708.33, while the DAX in Germany rose 3.84 points or 0.02 percent to 25,578.85 and the CAC 40 in France added 15.97 points or 0.20 percent to 8,154.91.
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