NEW YORK — U.S. stocks are hanging near their records after several big banks delivered stronger profits for the summer than analysts expected, while the price of crude oil tumbled again. The S&P 500 was up 0.1% in early Tuesday trading, a day after setting an all-time high for the 46th time this year. The Dow Jones Industrial Average was down 148 points, or 0.3%, and the Nasdaq composite was up 0.2%.
Walgreens Boots Alliance jumped 5% after the drugstore chain said it plans to close about 1,200 locations over the next three years in an attempt to turnaround its struggling U.S. business. Walgreens expects to close about 500 stores this fiscal year, which it said would boost its adjusted earnings and free cash flow.
U.S. benchmark crude dropped $3.17, or 4.3%, to $70.66 per barrel. Brent crude, the international standard, slipped $3.08 to $74.38 per barrel. Besides oil, prices also have been falling for copper and other commodities that a healthy Chinese economy would normally devour. Weaker than expected data on lending and prices have undermined already fragile market sentiment that has wavered as investors await fresh details on the government plans for stimulus to help rev up the economy.
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