Energy stocks led S&P 500 decliners on Tuesday, as crude oil prices extended recent losses after OPEC stopped short of more aggressive action to cut production. July West Texas Intermediate crude declined by 35 cents, or 0.7%, to $49.46 a barrel, as traders returned to their desks after the holiday weekend. Devon Energy was the biggest decliner, falling 2.8%. Kinder Morgan Inc. shed 2.6%, Hess Corp. fell 2.4% and Chesapeake Energy Corp. was down 2.5%. Cimarex Energy Co. fell 2.2% and Williams Companies Inc. was down 1.9%. Pioneer Natural Resources Corp. fell 1.9% and Marathon Oil Corp. was down 1.9%. Tesoro Corp. bucked the trend to gain 0.7%, after the stock was upgraded to overweight from equal weight Tuesday at Morgan Stanley. Analysts pointed to several catalysts for the oil refiner, including its acquisition of Western Refining Inc., which they expect will diversify its growth opportunities. The S&P 500 was flat.
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