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Stocks lose grip on earlier gains to end lower Tuesday

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Stocks finished lower on Tuesday after failing to hold earlier gains, as the Biden administration made good on threats to ban Russian oil imports in a bid to further pressure Moscow to end its invasion of Ukraine.

As U.S. oil prices CL00, +4.02% finished above $123 a barrel, the highest since 2008, the Dow Jones Industrial Average DJIA, -0.48% gave up about 185 points, or 0.

6%, to end deeper in correction territory around 32,631, a day after entering it for the first time in two years. The S&P 500 index SPX, -0.72% fell about 0.7%, while the battered Nasdaq Composite Index COMP, -0.28% shed 0.3%, a day after it tumbled into bear-market territory.

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