Investing.com -- U.S. stocks were mixed on Tuesday, as a surge in energy stocks provided a boost to the Dow Jones Industrial Average, while dwindling health care and biotech stocks weighed on all three major indices.
Investors also reacted to bearish forecasts on global economic growth by the International Monetary Fund, which lowered its short-term projections on Tuesday citing persistent weakness in China and softness in commodity prices. In its updated World Economic Outlook, the IMF estimates that the world's economy will grow at 3.1% this year and 3.6% in 2016. Both estimates are 0.2% below the IMF's July forecasts. In April, the IMF downgraded its 2015 forecast by 0.4% and its growth forecast for 2016 by 0.2%.
The Dow added 13.76 or 0.08% to 16,790.19 on Tuesday, extending sharp gains from the previous day for its third straight winning session. The NASDAQ Composite index and the S&P 500 Composite fell mildly to halt the momentum from strong performances to open the week. The NASDAQ lost 32.90 or 0.69% to close at 4,748.36, while the S&P 500 dropped 7.13 or 0.36% to 1,979.92, ending a five-day winning streak. On the S&P 500, six of 10 sectors closed in the red, as stocks in the Health Care and Consumer Services industries lagged. Stocks in the Energy and Basic Materials sectors led, each gaining at least 1.5% on the session.
EI du Pont de Nemours and Company (NYSE:DD) ended Tuesday's session as the top performer on the Dow after jumping 3.93 or 7.66% to 55.21, after CEO Ellen Kullman announced that she will be retiring from her position later this month. Shares in the multinational conglomerate are still down roughly 27% this year. The worst performer on the Dow was UnitedHealth Group Incorporated (NYSE:UNH), which fell 3.71 or 3.10% to 115.94. A host of health care and pharmaceutical stocks were among the Dow's worst performers on Tuesday.
The biggest gainer on the NASDAQ was Wynn Resorts Limited (NASDAQ:WYNN), which rose 2.88 or 4.44% to 67.77, amid reports that tourism in Macau spiked by more than 12% last week over the first two days of China's Golden Week holiday. The worst performer was Illumina Inc (NASDAQ:ILMN), which plunged 15.62 or 9.57% to 147.55.
On the S&P 500, Oil and Gas driller Helmerich & Payne Inc (NYSE:HP) soared 4.20 or 8.11% to 56.01, finishing just ahead of Dupont as the session's top performer. On Tuesday, U.S. crude futures soared nearly 5% to its highest level in a month, following increased demand growth forecasts from the U.S. Energy Information Administration (EIA) for 2016. The worst performer was American Airlines Group (NASDAQ:AAL), which fell 1.97 or 4.89% to 38.23.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,709-1,393 margin.