U.S. stocks advanced Tuesday, with the Dow Jones Industrial Average climbing back above 24,000 a day after a selloff in technology giants including Facebook.
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The Dow rose 389.17 points, or 1.6%, to 24,033.36, while the S&P 500 added 32.57, or 1.3%, to 2,614.45 and the tech-laden Nasdaq increased 71.16, or 1%, to 6,941.28.
Spotify made its debut in a direct listing on the New York Stock Exchange, with shares opening at $165.90, compared with the reference price of $132. They closed at $149.01.
Automakers rallied after reporting a strong month of sales. General Motors gained more than 3% on strong results for its Buick brand. But the company said it would no longer report monthly sales, saying the 30-day snapshot does not accurately reflect the market. It will instead issue quarterly sales.
Ford gained more than 2% on a record sales month for its SUVs. Fiat Chrysler surged more than 8% as sales increased 14% last month, well above the 3% forecast by Edmunds.
|FCAU||FIAT CHRYSLER AUTOMOBILES N.V.||16.48||-0.17||-1.02%|
|GM||GENERAL MOTORS COMPANY||40.30||+0.31||+0.78%|
|F||FORD MOTOR COMPANY||9.55||+0.05||+0.53%|
Amazon rose a day after plunging on concern the company will face a regulatory crackdown under President Donald Trump. Facebook was little changed after Monday's decline over a backlash triggered by the company's use of personal data. Tesla surged more than 5% after publishing production figures.
Overall stock market malaise on Monday followed China announcing retaliatory tariffs on American products. Fears of a trade war have spooked markets since President Trump imposed tariffs on Chinese steel and aluminum imports.