Dow, Nasdaq rebound as tech stocks hold steady

By StocksFOXBusiness

How the Federal Reserve could hurt the stock market

Belpointe Asset Management’s David Nelson discusses how the stock market will react if the Federal Reserve decides to raise the total amount of interest rate hikes.

Stocks moved higher Tuesday, as the technology sector held its ground a day after a sharp sell-off

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The Dow Jones Industrial Average rose 116.36 points, or 0.47%, 24,727.27. The S&P 500 gained 4.02 points, or 0.15%, to 2,716.94. The Nasdaq Composite was up 20.06 points, or 0.27%, at 7,364.30.

The Dow’s advance was propelled by gains in Boeing (BA) and Caterpillar (CAT) while the Nasdaq remained under some pressure even after Monday’s big retreat in tech stocks.

The major tech names were mixed Tuesday, with Facebook experiencing its second-straight session of losses. The social media giant took a big hit on Monday, closing with a 6.8% loss, following news that a firm tied to President Donald Trump's 2016 election campaign gathered data from millions of Facebook profiles without authorization. Facebook shares fell 2.6% on Tuesday.

Federal Reserve Chairman Jerome Powell’s first policy-setting meeting began Tuesday, but traders will have to wait for the conclusion of the two-day meeting to learn the fate of interest rates.

The CME FedWatch tool has the likelihood of a rate hike at 94.4%.

Gold futures were lower, while oil advanced to a one-month high on declining Venezuelan output and increased tensions in the Middle East.

Ken Martin contributed to this report

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