U.S. Markets

U.S. stocks on Tuesday shrug off early losses to close marginally higher, with the tech-heavy Nasdaq Composite touching a record high.

Shares of Microchip Technology Inc. fell in Tuesday's extended session after the chip maker narrowed its earnings-per-share outlook. Microship said it now expects third-quarter adjusted EPS in a range of 87 cents to 94 cents from 85 cents to 95 cents previously. Analysts surveyed by FactSet are projecting the company to earn 90 cents a share. It also forecast third-quarter adjusted revenue to fall by about 3% versus flat to down 6% it announced in early November. Microchip shares slid 0.4% after hours.

U.S. stocks closed higher Tuesday but below record highs as better-than-expected economic reports were tempered by a drop in oil prices. The Dow Jones Industrial Average rose 23.70 points, or 0.1%, to close at 19,121.60, led by gains in UnitedHealth Group Inc. and Boeing Co. . The S&P 500 index advanced 2.94 points, or 0.1%, to finish at 2,204.66, with health-care and real-estate the strongest sectors. The Nasdaq Composite index gained 11.11 points, or 0.2%, to close at 5,379.92, after reaching an intraday record of 5,403.86. Oil for January delivery settled down 3.8% at $45.30 a barrel on concerns that oil producers will not reach an agreement to cut output.

Treasury yields turned lower on Tuesday as a precipitous drop in oil prices and a flurry of month-end buying buoyed government-bond prices.

Internal discord among OPEC producers could derail their plans to reach an agreement limiting output, which has outpaced demand for more than two years.

The U.S. dollar weakens against many of its major rivals on Tuesday, pulling back from earlier gains.

The cold shoulder health-care stocks are receiving from investors hasn’t run its course yet, according to analysts.

OPEC will face a difficult task Wednesday as the cartel struggles to complete a plan to curb output. Here are some of the likely outcome scenarios and their potential impact on the oil market.