Published August 20, 2013
FOX Business: Capitalism Lives Here
Wall Street climbed higher Tuesday after a four-day slump as traders parsed through a smattering of corporate news.
As of 1:00 p.m. ET, the Dow Jones Industrial Average rose 56.7 points, or 0.38%, to 15067, the S&P 500 gained 12.3 points, or 0.75%, to 1658 and the Nasdaq Composite rose 34.9 points, or 0.97%, to 3624.
The markets added a fourth day to their losing streak Monday as worries about the end of the Federal Reserve's bond-buying program loomed large. Those losses ricocheted into global markets, where Asian and European shares took a beating.
U.S. futures stemmed the selling after home-improvement retailer Home Depot (HD) revealed stronger-than-expected quarterly results amid a burgeoning housing recovery. Best Buy (BBY) saw its profits rise as cost cuts helped the tech retailer push beyond tepid sales. Meanwhile, J.C. Penney (JCP) revealed disappointing quarterly results, but shares rallied on encouraging signs about the current quarter.
Also in corporate news, the Justice Department launched a probe into J.P. Morgan Chase's (JPM) energy business, according to a report from the Wall Street Journal.
Treasury bond yields receded after jumping in the previous session. The benchmark 10-year yield fell 0.053 percentage point to 2.829%.
Elsewhere, U.S. oil prices skid lower by 91 cents, or 0.9%, to $106.14 a barrel. Wholesale New York Harbor gasoline dipped 0.8% to $2.91 a gallon. Gold fell 0.04% to $1,365 a troy ounce.
The Euro Stoxx 50 sold off by 1.1% to 2791, the English FTSE 100 dipped 0.5% to 6433 and the German DAX slid 0.84% to 8296.
In Asia, the Japanese Nikkei 225 plunged 2.6% to 13396 and the Chinese Hang Seng plummeted 2.2% to 21970.