U.S. Stocks Finish Mostly Higher as Tech Lags
Equity markets traded mostly higher, with the S&P 500 and Dow Jones finishing in negative territory.
The Dow and broader U.S. stock market traded mostly higher on Tuesday, as gains in energy and financials offset declines in consumer and technology shares.
Wall Street’s major indices were mixed at the close, with the Dow Jones Industrial Average (DIA) rising 194.55 points, or 0.6%, to 35,813.80.
The broad S&P 500 Index (SPY) of large-cap stocks rose 0.2% to settle at 4,690.70. Most sectors finished in positive territory.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) declined 0.5% to close at 15,775.14.
A measure of implied volatility known as the CBOE VIX (VXX) was little changed on Tuesday. The so-called “investor fear index” reached an intraday high of 20.91 on a scale of 1-100, where 20 represents the historical average. It would eventually settle up 1.1% at 19.38.
In commodities, oil prices were higher on Tuesday, as U.S. West Texas Intermediate futures climbed $1.81, or 2.4%, to $78.56 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, climbed $2.59, or 3.3%, to $82.29 a barrel.
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In precious metals, gold prices plunged, as the February futures contract declined $16.10, or 0.9%, to $1,793.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures declined 64 cents, or 2.6%, to trade at $23.72 a troy ounce.
The Final Word: Investors are showing renewed optimism that the economy will get back on track. Rising bond yields and expectations for a stronger economic recovery helped fuel the market’s rally on Tuesday.