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U.S. stocks were headed for a lower close in late-afternoon trading Tuesday after Caterpillar and other big companies reported disappointing earnings and lowered earnings outlooks, raising concerns about future profit growth. The major stock indexes pared back some of their losses from earlier in the day.
By Barani Krishnan NEW YORK (Reuters) - Oil prices jumped as much 3 percent on Tuesday as a weaker dollar propped up commodities priced in the currency, prompting short-covering in a market that has sold off with little pause over the past seven months. An updated Reuters poll showed U.S. crude inventories rose 4.1 million barrels, on average, in the week to Jan. 23. The American Petroleum Institute (API), an industry group, will release its weekly inventory report at 2130 GMT. "Given the expectations in supply, it's kind of surprising to see the market pop this much today," said Andrew Lipow, president at Lipow Oil Associates in Texas.
WASHINGTON (AP) — Senate Democrats on Tuesday put the brakes on new Iran sanctions legislation, ending for now a looming showdown between Congress and President Barack Obama over negotiations to prevent Tehran from having the capability to make a nuclear weapon.