(CNBC) — Stocks closed lower Tuesday as U.S. oil settled below $40 for the first time since April and as the Dow closed lower for the seventh straight day.
"Given the flow of news we've had over the past few days, we're seeing a realization that we're at high levels," said Bruce McCain, chief investment strategist at Key Private Bank. "Most of the indicators are mixed enough ... that investors have decided to pull back."
U.S. crude settled 1.37 percent lower, near at $39.51 per barrel, erasing earlier gains amid oversupply concerns. On Monday, WTI fell more than 3 percent to record its worst settlement since April 20.
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