ECONOMY

A late slide erases a rally in US stocks as trading remains volatile; oil price stabilizes

FILE - In this Oct. 2, 2014 file photo, people pass a Wall Street subway stop, in New York's Financial District. U.S. stocks are opening moderately lower Tuesday, Dec. 16, 2014, as the price of oil continues to drop. (AP Photo/Richard Drew, File)

FILE - In this Oct. 2, 2014 file photo, people pass a Wall Street subway stop, in New York's Financial District. U.S. stocks are opening moderately lower Tuesday, Dec. 16, 2014, as the price of oil continues to drop. (AP Photo/Richard Drew, File)  (The Associated Press)

U.S. stocks are ending slightly lower after an early rally fizzled.

At the end of an up-and-down day Tuesday the Dow Jones industrial average lost 111 points, or 0.7 percent, to close at 17,068. It had been up as much as 246 points at midday before turning lower in the afternoon.

The Standard & Poor's 500 fell 16 points, or 0.9 percent, to 1,972. The Nasdaq lost 57 points, or 1.2 percent, to 4,547.

Consumer discretionary stocks led the declines. Energy companies rose as investors were relieved to see the price of oil stabilize after a prolonged rout.

Russia's ruble regained some ground against the dollar after that country's central bank sharply raised interest rates in an effort to halt the currency's slide.