Stocks Mostly Fall on Oil Price Drop, European Monetary Concerns

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Stocks mostly fell on Tuesday as energy companies dropped along with the price of oil and investors fretted whether the European Central Bank would make further monetary policy moves this week.The Dow Jones Industrial Average closed unofficially 37 points down and the S&P 500 fell 1 point, despite reaching an intraday record of 2006.15 in the morning. The Nasdaq added 17 points. "This sharp decline in commodity prices is certainly driving down materials and metals names," said Peter Boockvar, chief market analyst at the Lindsey Group. "This may be the week they roll out some sort of asset purchases; there is a lot of conversation around (ECB President) Mario Draghi doing some sort of quantitative easing in light of the softer-than-expected European data," said Art Hogan, chief market strategist at Wunderlich Securities. Investors largely looked beyond the Institute for Supply Management's report that the pace of growth in the U.S. manufacturing sector rose in August to its highest level since March 2011.

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