NEW YORK — U.S. stocks fell from record highs on Tuesday and the Nasdaq dropped below 5,000 a day after passing that milestone for the first time since the dot-com era 15 years ago.
The losses were modest but broad, with eight industry sectors in the Standard and Poor’s 500 index falling. Higher oil prices helped oil drillers and other energy companies buck the trend. They eked out a 0.2 percent rise for the day.
With no major economic news and few earnings reports, investors were at pains to point to a catalyst for the stock slump other than jitters that can follow big gains.
“It’s only natural we would get a little flutter after a milestone like yesterday,” said Wells Fargo Funds’ chief equity strategist John Manley, referring to the Nasdaq’s closing above 5,000. “It may very well go on for a few days.”
The Dow Jones industrial average fell 85.26 points, or 0.5 percent, to 18,203.37. The Standard & Poor’s 500 declined 9.61 points, or 0.5 percent, to 2,107.78. The Nasdaq gave up 28.20 points, or 0.6 percent, to close at 4,979.90.
Ford Motor slumped after reporting U.S. sales from last month that disappointed investors. Ford sales fell 1.9 percent as dealers lacked the inventory to meet demand for the new F-150 pickup truck. Ford dropped 40 cents, or 2.4 percent, to $16.17.
Oil rose on reports that Saudi Arabia raised prices for Asian customers and fears of heightening tensions with Iran after Israeli Prime Minister Benjamin Netanyahu addressed Congress. Several oil drillers surged. Denbury Resources jumped 28 cents, or 3.4 percent, to $8.58.
With nearly all companies in the S&P 500 having reported their fourth-quarter results, earnings per share for companies in the S&P 500 index are expected to have risen a healthy 7.7 percent, according to S&P Capital IQ.
Financial analysts expect earnings to drop compared with the year-earlier periods for the next two quarters.
Benchmark U.S. crude rose 93 cents to close at $50.52 a barrel in New York. Brent crude rose $1.48 to close at $61.02 a barrel in London.
