NEW YORK, New York – U.S. stocks were in demand on Tuesday, rebounding after Monday’s sell-off. U.S. Treasury yields steadied, while oil prices came off recent highs. The main focus however remaiuned on the escalating hostilities inm the Middle East with Israel now waging war on several fronts.
“The war seems to be on the forefront of everybody’s mind,”Robert Pavlik, senior portfolio manager at Dakota Wealth Management told CNBC Tuesday.
“Bigger picture is the election and there are a lot of uncertainties revolving around taxes and how that’s going to impact earnings potentially going forward.”
Following are Tuesday’s closing quotes for the main U.S. stock indices:
The Dow Jones Industrial Average (DJI) also rose, adding 126.13 points, or 0.30 percent, to settle at 42,080.37, driven by gains in key sectors.
The Standard and Poor’s 500 gained 0.97 percent, climbing 55.19 points to close at 5,751.13, marking a strong day for the broad-based index.
Technology stocks led the rally, as the NASDAQ Composite surged by 1.45 percent, closing 259.01 points higher at 18,182.92, boosted by strong earnings reports and optimism about the tech sector.
Tuesday’s Foreign Exchange Market: US Dollar Mixed Against Key Currencies
The foreign exchange market saw moderate movement on Tuesday, with the US dollar mixed against several major currencies,. The euro and British pound made slight gains.
The US Dollar Index inched up 0.01 percent to 102.55.
The Euro/US Dollar (EUR/USD) pair edged up by 0.03 percent, to last trade at 1.0977, indicating marginal strength for the euro against the dollar.
Meanwhile, the US Dollar/Japanese Yen (USD/JPY) increased by 0.07 percent, reaching 148.27, maintaining the dollar’s recent momentum against the yen.
In North America, the US Dollar/Canadian Dollar (USD/CAD) saw a modest move higher, rising 0.22 percent to settle at 1.3649, reflecting a stronger dollar against the loonie.
The British Pound/US Dollar (GBP/USD) pair climbed by 0.13 percent, trading at 1.3099, as the pound strengthened slightly against the US currency.
The US Dollar/Swiss Franc (USD/CHF) saw a notable increase of 0.50 percent, with the pair changing hands at 0.8577, signaling a solid gain for the dollar against the franc.
The Australian Dollar/US Dollar (AUD/USD) pair edged up 0.11 percent, settling at 0.6748, while the New Zealand Dollar/US Dollar (NZD/USD) rose by 0.18 percent, to reach 0.6134.
Global Markets Slide Amid Economic Concerns on Tuesday
Global stock markets faced widespread losses on Tuesday, with several key indices closing in the red. Investors were rattled by economic uncertainty, resulting in broad declines across Europe, Asia, and other regions.
CANADA
In Canada, the S&P/TSX Composite Index edged down by 0.13 percent, losing 30.20 points to end the day at 24,072.51, as declines in energy and materials sectors weighed on the overall market.
UNITED KINGDOM
In London, the FTSE 100 dropped by 113.01 points, closing at 8,190.61, a decline of 1.36 percent.
EUROPE
The European markets also struggled Tuesday, with Germany’s DAX Performance-Index losing 37.63 points to settle at 19,066.47, a dip of 0.20 percent.
France’s CAC 40 was down 54.70 points, finishing at 7,521.32, a loss of 0.72 percent.
Similarly, the Euronext 100 Index fell by 0.44 percent, closing at 1,478.51, while Belgium’s BEL 20 slipped by 0.91 percent to end at 4,225.17.
ASIA
The Asian markets were not spared from the global downturn. Japan’s Nikkei 225 fell 1.00 percent to close at 38,937.54.
In Hong Kong on Tuesday the Hang Seng Index saw a significant drop of 9.41 percent, plunging by 2,172.99 points to close at 20,926.79.
In Singapore, the STI Index fell by 0.65 percent, ending at 3,575.69.
South Korea’s KOSPI Composite Index slipped by 0.61 percent, finishing at 2,594.36.
In India, however, the S&P BSE SENSEX rose 0.72 percent, gaining 584.81 points to close at 81,634.81, while Malaysia’s FTSE Bursa Malaysia KLCI edged up slightly by 0.02 percent, finishing at 1,635.62.
Taiwan’s TSEC Weighted Index lost 0.40 percent, closing at 22,611.39.
Finally, in China, the SSE Composite Index bucked the trend Tuesday, surging by 4.59 percent, adding 153.28 points to close at 3,489.78, a sign of renewed investor optimism in the region.
OCEANIA
Australia’s S&P/ASX 200 was down 0.35 percent to 8,176.90, while the Australian All Ordinaries declined by 0.42 percent, closing at 8,443.70.
In New Zealand the S&P/NZX 50 Index ended the day down 0.32 percent at 12,555.99.
MIDDLE EAST
The TA-125 Index in Israel added a modest 0.10 percent to finish at 2,092.39, while Egypt’s EGX 30 took a sharp hit, falling 3.04 percent to end at 30,851.60.
AFRICA
Elsewhere, South Africa’s Top 40 USD Net TRI Index dropped on Tuesday by 2.00 percent to 4,738.81.
The global markets remain volatile, with investors closely watching for further economic indicators that could provide insight into the future direction of the global economy.
