FOX Business: Capitalism Lives Here
After an intense retreat in the last session, Wall Street pushed higher Tuesday as traders remained focused on the economy.
As of 2:58 p.m. ET, the Dow Jones Industrial Average climbed 71.5 points, or 0.46%, to 15444, the S&P 500 rose 13.5 points, or 0.78%, to 1755 and the Nasdaq Composite advanced 39.7 points, or 0.99%, to 4036.
The S&P 500 tumbled 2.3% Monday in its heaviest selloff since June 2013. The move extended the broad-market index's year-to-date drop to 5.8%. Adding to the fearful sentiment, Japan's Nikkei 225, already in a correction, plunged 4.2% overnight as emerging-market fears swirled across global markets.
"Stocks are offside, but holding up relatively well considering the massive selloff in Japan overnight as fears over emerging-market exposure echoed around the world," said David Madden, a market analyst at IG in London, in an email. "Traders are treading lightly, not wanting to get stung if there is a sudden exodus from equities into cash or bonds."
Traders are paying particularly close attention to economic data after a key manufacturing report and monthly auto sales missed views. Economists at Goldman Sachs told clients late Monday they believe the effect of bad weather across the country might be larger-than-expected in January, weighing on the world's biggest economy.
The Commerce Department said orders for manufactured goods fell 1.5% in December from the month prior, slightly better than the 1.7% fall economists were expecting. Excluding the transportation component, orders rose 0.2%.
Analysts across the board said they would be paying close attention to the January jobs report, due out on Friday. The December data came in far shy of estimates, and there are concerns bad weather and the end of emergency jobless benefits could put additional pressure on the figures.
Elsewhere, U.S. crude oil futures climbed 12 cents, or 0.12%, to $96.55 a barrel. Wholesale New York Harbor gasoline fell 0.17% to $2.602 a gallon. Gold fell $5.40, or 0.43%, to $1,555 a troy ounce.