Dow industrials were back in positive territory on Tuesday, reflecting renewed optimism on Wall Street following the market’s worst performance since the US election.
Futures on the blue-chip Dow Jones index traded 36 points higher at the end of New York trading. The Dow Jones Industrial Average climbed 23.70 points, or 0.1%, to close at 19,121.60. The index declined around 55 points on Monday, knocking it from all-time highs.
Thirteen blue-chip companies contributed to the gains. UnitedHealth Group Inc. (NYSE: UNH), a Minnesota-based pharmaceutical, led the way higher on a gain of 3.6%. Aerospace and defense contractor Boeing Co (NYSE: BA) was also among the top performers, rising 1.3%.
Pharmaceutical Pfizer Inc. (NYSE: PFE) rose 1.2%, multinational investment bank Goldman Sachs Group Inc. (NYSE: GS) added 1% and technology giant Microsoft Corp (NASDAQ: MSFT) finished 0.8% higher.
On the downside, oil companies Chevron Corp (NYSE: CVX) and Exxon Mobil Corp (NYSE: XOM) were both losers as oil prices collapsed ahead of a key OPEC summit on Wednesday. Chevron was the Dow’s worst performer, falling 1.1%. Exxon Mobil declined 0.7%.
Credit card American Express (NYSE: AXP), construction equipment manufacturer Caterpillar Inc. (NYSE: CAT) and athletic apparel company Nike Inc. (NYSE: NKE) each declined by at least 0.7%.
The dominance of technology and biotechnology shares briefly sent the Nasdaq Composite to new all-time highs. The index closed settled well off its record, adding 11.11 points, or 0.2%, to 5,379.92. Meanwhile, the large-cap S&P 500 Index advanced 2.94 points, of 0.1%, to close at 2,204.66.
Wall Street bounced back from its worst performance in nearly a month, bolstered by upbeat GDP data and renewed hopes for a faster recovery under the Republican administration of Donald Trump. US gross domestic product (GDP) accelerated 3.2% year-over-year in the third quarter, up from a preliminary estimate of 2.9%, the Commerce Department said in a report on Tuesday.
Across the Atlantic, European equities finished mostly higher on Tuesday. The Stoxx Europe 600 index closed with a 0.1% gain. Individual bourses in Germany, France and Spain also finished higher. The UK’s FTSE 100 was the main laggard, falling 0.4%.