Stocks rose on Tuesday, regaining some of the sharp losses from the previous session, as investors weighed the impact of the escalating trade war between the United States and China.
The Dow Jones Industrials sailed higher 207.06 points to 25,532.05, off its highs of the day, boosted by gains in Visa and Boeing shares.
The S&P 500 regained 22.54 points to 2,834.41, as tech shares ruled the day.
The NASDAQ Composite hiked 87.47 points, or 1.1%, to 7,734.49
Boeing climbed 1.7% while Apple rose 1.6%. Caterpillar shares gained 1.7%. Bank shares also rose broadly. Citigroup and Bank of America rose more than 1% each while J.P. Morgan Chase gained 0.8%.
Microsoft shares rose 1.1% to boost the tech sector. Cisco Systems also gained 1.4% after an analyst at Bank of America touted it as the tech stock to buy amid rising U.S.-China trade fears. Coca-Cola shares rose 1.3% after Morgan Stanley upgraded it to overweight from equal weight. The bank named the soda maker its “top mega-cap staples pick.”
In a note to clients Monday, Citi said its China economists are “cautiously optimistic that a trade deal can eventually be signed.” But added that the “window to avoid further escalations in U.S./China tensions is closing fast.”
Prices for the benchmark 10-year U.S. Treasury slid a bit, lifting yields to 2.41% from Monday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices recouped 67 cents to $61.71 U.S. a barrel.
Gold prices subtracted $3.80 to $1,298.00 U.S. an ounce.
