Stocks fall in volatile session amid energy, ruble worries

By Benjamin SnyderManaging Editor
Benjamin SnyderManaging Editor

Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

Traders, investors and guests celebrate as Zoe's Kitchen begins trading following the company's IPO at the NYSE
Traders, investors and guests celebrate as Zoe's Kitchen begins trading following the company's IPO on the floor of the New York Stock Exchange April 11, 2014. Shares of Zoe's Kitchen Inc , a casual dining chain, rose as much as 73 percent in their market debut on Friday, underscoring strong investor appetite for U.S. restaurant-related stocks. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS) - RTR3KWJK
Photograph by Brendan McDermid — Reuters

U.S. stocks fell for a third day in a row Tuesday amid gyrations in the oil market and Russian economy.

The Dow Jones industrial average fell 111.97 points, or .65%, to 17,086.87. Meanwhile, the S&P 500 fell 16.89 points, or .85%, to 1,972.74 and the Nasdaq Composite dropped 57.32 points, or 1.24%, to 4,547.83.

The S&P 500 and Dow looked like they would close up for the day until late afternoon selling sent the indexes tumbling.

Tech stocks were particularly hard hit. Microsoft (MSFT) plunged 3.2% to close at $45.16. Amazon, which had extended the deadline for Christmas delivery, finished (AMZN) down 3.6% at $295.06.

Energy stocks in the S&P 500, hard hit by oil prices falling by more than half from their peak earlier this year, gained 0.7% Tuesday. But they’re still down 16.6% for the year.

As for Russia, the ruble hit record lows versus the dollar during the day, although it ultimately rebounded. Late last night, Russia raised interest rates in an effort to combat inflation.