Wall Street lost ground on Tuesday, retreating from intraday highs, while oil prices gained ground as investors looked to Washington for signs that an enhanced stimulus package would pass a U.S. Senate vote.
All three major U.S. stock indexes oscillated, at one point following the MSCI World Stocks index to record intraday highs, but ended the session in negative territory as market participants balanced near-term challenges with longer-term hopes for economic recovery and a return to healthy demand.

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https://apac1.apps.cp.thomsonreuters.com/cms/?navid=1592404098 surpass 81 million and deaths approach 1.8 million. In the United States, there have been more than 19 million cumulative cases and nearly 335,000 deaths.

The Dow Jones Industrial Average fell 68.3 points, or 0.22%, to 30,335.67, the S&P 500 lost 8.32 points, or 0.22%, to 3,727.04 and the Nasdaq Composite dropped 49.20 points, or 0.38%, to 12,850.22.

European stocks extended their year-end rally to close at a 10-month high in anticipation of fresh stimulus and as the European Union vaccination program got under way.

The pan-European STOXX 600 index rose 0.76% and MSCI`s gauge of stocks across the globe gained 0.33%.

Emerging market stocks rose 1.12%. MSCI`s broadest index of Asia-Pacific shares outside Japan closed 1.07% higher, while Japan`s Nikkei rose 2.66%.

Crude prices advanced on hopes that pandemic aid could boost demand and spur economic growth.

U.S. crude rose 0.8% to settle at $48 per barrel and Brent settled at $51.09 per barrel, up 0.45% on the day.

U.S. Treasury yields were essentially flat in thin trading, as investors awaited the Senate`s response to the $2,000 stimulus check approved by the House.

Benchmark 10-year notes last rose 1/32 in price to yield 0.9314%, from 0.933% late on Monday.

The 30-year bond last rose 1/32 in price to yield 1.6683%, from 1.669% late on Monday.

The dollar dipped to a two-year low against the euro and riskier currencies gained ground on the Brexit trade deal and prospects of increased fiscal aid.

The dollar index fell 0.37%, with the euro up 0.29% to $1.225.

The Japanese yen strengthened 0.26% versus the greenback at 103.54 per dollar, while Sterling was last trading at $1.3501, up 0.39% on the day.

Gold prices advanced as the dropping dollar bolstered the safe-haven metal`s appeal ahead of the Senate`s vote on the higher stimulus payments.

Spot gold added 0.4% to $1,878.51 an ounce.