US Stocks Recover After Rocky Start
Stocks finish mostly higher after initial selloff.
US stocks reversed course to finish higher on Tuesday, as investors shrugged off North Korea’s latest missile test.
The large-cap S&P 500 Index (NYSEARCA:SPY) rose 0.1% to 2,446.30. It was down by as much as 0.7% earlier.
Industrials stocks and shares of information technology companies led the rally.
The Dow Jones Industrial Average (NYSEARCA:DIA) reported gains of 0.3% to finish at 21,865.37.
Meanwhile, the Nasdaq Composite Index (NYSEARCA:QQQ) rose 0.3% to 6,301.89, its highest settlement in nearly two weeks.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) spiked to nearly two-week highs before paring gains later in the session. The volatility gauge closed up 3.3% at 11.67.
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Gold prices remained well supported in Tuesday after surging to 11-month highs at the start of the week. The December futures contract traded at $1,314.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
Meanwhile, the US dollar index (NYSEARCA:DXY) recovered after an initial selloff, but continued to trade 19-month lows.
The Final Word: Investors are bracing for a data-filled session on Wednesday, including advanced private payroll data from the ADP Research Institute. The US Commerce Department will also issue revised second quarter GDP numbers at the start of New York trade.