U.S. stocks held at session lows through the final hour of trading as another slump in crude oil dragged the energy sector lower on Tuesday. Crude fell below $32 a barrel after Saudi’s oil minister ruled out production cuts. Lower oil prices continued to hurt major energy companies including BHP Billiton (BHP) which cut its dividend for the first time in 15 years. Six months ago, the mining giant had said that that action would be very unlikely. Viacom (VIA.B) briefly spiked after announcing it was looking to sell a minority stake in its Paramount movie studio. Time Inc (TIME) is reportedly considering a bid for Yahoo!’s (YHOO) core Internet businesses. The publisher of ‘People’ and ‘Sports Illustrated’ is likely looking to diversify from its traditional businesses as print faces weaker ad sales.
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