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Markets Erase Early Opening Gains; Industrials and Banks Lead the Way

“NEW YORK (Reuters) – Stocks edged lower on Tuesday as a rebound in commodity prices failed to offset lingering concerns about a slowdown in industrial growth.

Both U.S. crude and Brent futures rose after Goldman Sachs raised its forecast for oil, citing strong fuel demand growth.

The energy sector, which was one of the weakest on Monday due to anxiety about Europe’s debt crisis, led the day’s gains, while industrials pushed the market down for a second day.

Financial stocks also pressured the market with the KBW bank index (.BKX) down 0.7 percent.

“There isn’t much for the market to get excited (about) at this point, especially going into summer months and the QE coming to an end soon,” said Randy Frederick, director of trading and derivatives at the Schwab Center for Financial Research in Texas, Austin.

The Dow Jones industrial average (.DJI) was down 12.86 points, or 0.10 percent, at 12,368.40. The Standard & Poor’s 500 Index (.SPX) was down 1.43 points, or 0.11 percent, at 1,315.94. The Nasdaq Composite Index (.IXIC) was down 10.06 points, or 0.36 percent, at 2,748.84.”

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