Dow back above 24,000 following Monday's tech plunge

By StocksFOXBusiness

US stocks dip amid trade concerns

FBN’s Charles Payne discusses the fall in tech stocks and how China’s tariffs affected the stock market.

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.

FFORD MOTOR COMPANY9.55+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.

AMZNAMAZON.COM INC.1,861.69-3.13-0.17%
FBFACEBOOK INC.178.28-0.50-0.28%

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.