(CNBC) — U.S. stocks closed lower Tuesday, as hopes of an oil production cut were dashed and after a miss in the consumer confidence index.
"I think today it was high hopes around the oil minister. … Plus you were at key technical levels in both oil and the S&P," said John Canally, chief economic strategist at LPL Financial.
Saudi Oil Minister Ali al-Naimi said Tuesday at the CERAWeek energy conference that production cuts won't happen, although producers will hopefully meet in March to negotiate an output freeze.
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