Crude-oil price falls, Dow follows

U.S. stocks extended their three-day losing streak Tuesday, closing slightly lower after spending most of the day wavering between gains and losses.

Energy companies led the decline as the price of U.S. crude oil sank nearly 6 percent. It's now at about $28 a barrel. The market's bumpy ride followed a slide in European stock indexes and steep losses in Japan, reflecting mounting investor anxiety that the global economy is slowing.

The Dow Jones industrial average fell 12.67 points, or 0.1 percent, to 16,014.38. The Standard & Poor's 500 slipped 1.23 points, or 0.1 percent, to 1,852.21. The Nasdaq composite lost 14.99 points, or 0.4 percent, to 4,268.76.

The latest losses pulled the three indexes further down for the year. The Dow is off 8.1 percent, while the S&P 500 index is down 9.4 percent. The Nasdaq is off 14.8 percent.

Benchmark U.S. crude oil dropped $1.75, or 5.6 percent, to close at $27.94 a barrel in New York. Brent crude, a benchmark for international oils, fell $2.56, or 7.8 percent, to close at $30.32 a barrel in London.

All told, the S&P 500 index's energy sector companies lost 2.5 percent, the worst performer in the index.

Consol Energy lost $1.02, or 11.9 percent, to $7.53, while Southwestern Energy fell 97 cents, or 10.4 percent, to $8.37. Murphy Oil slid $1.37, or 7.1 percent, to $17.86.

The International Energy Agency, which advises countries on energy policy, said oil prices will continue to come under pressure as supply is set to outpace demand this year.

Investors also had their sights on the latest batch of company earnings news.

Entertainment conglomerate Viacom plunged 21.5 percent after missing revenue estimates for the fifth quarter in a row. The stock fell $8.99 to $32.86.

Some companies fared much better.

Martin Marietta Materials vaulted 9.4 percent after the construction materials company reported a sharp increase in earnings. The stock climbed $11.03 to $128.88. The gains helped lift the materials sector overall, which notched the biggest gain in the S&P 500 index.

Traders were also looking ahead to the beginning on Wednesday of two days of testimony before Congress by Federal Reserve Chair Janet Yellen.

Yellen is scheduled to outline the central bank's outlook on the economy. Traders will be watching for hints about when the Fed will make its next move to raise its key interest rate.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.73 percent from 1.75 percent late Monday.