Financials, tech stocks lead Wall Street higher on Tuesday.
The U.S. stock market traded higher on Tuesday, as banks and technology companies continued to outperform.
The large-cap S&P 500 Index (SPY) rose 1.5% to close at 3,100.06. All 11 primary sectors reported gains. Information technology was the top gainer, followed by financials companies. Energy, materials and consumer discretionary shares also reported market-beating returns.
Surging tech shares propelled the Nasdaq Composite Index (QQQ) to higher ground. The index finished up 1.3% at 9,999.87.
Meanwhile, the Dow Jones Industrial Average (DIA) advanced 215.65 points, or 0.8%, to 25,811.65.
A measure of 30-day volatility known as the CBOE VIX (VXX) was back on the defensive Tuesday. The so-called “investor fear index” reached an intraday low of 29.79 on a scale of 1-100 where 20 represents the historic average. VIX would eventually settle down 5.2% at 30.12.
In economic data, the Chicago purchasing managers’ index (PMI) improved to 36.6 in June, which was well below forecasts calling for 45.
The S&P/Case-Shiller Home Price Indices rose 4% annually in April, slightly better than expected.
On the commodities front, gold prices pierced above $1,800 a troy ounce on Tuesday en route to fresh multi-year highs. The yellow metal would later consolidate at $1,797.70 a troy ounce, having gained 0.9% or $16.50.
The Final Word: COVID-19 continues to spread at a rapid pace across several U.S. states. The U.S. caseload suppressed 2.6 million on Tuesday, with Texas, Florida and California emerging as the new hotspots. Globally, more than 10.3 million cases have been reported.