Stocks extend winning streak with economy in focus
Stocks rose Tuesday, with the Dow recording a fourth consecutive day of gains as traders continued to focus on the strong economy with trade tensions taking a backseat.
The Dow Jones Industrial Average rallied 143.07 points to 24,919.66. The S&P 500 climbed 9.67 points to 2,793.84. The Nasdaq Composite added three points to close at 7,759.20.
“The broader indexes like the Dow and S&P 500 have been bouncing off their 200 day moving averages for the last 2 quarters,” Sean O’Hara, president of Pacer ETFs, wrote in a statement. “The 200 day acts like a trampoline, and as long as they keep bouncing off of it, then the markets traditionally go higher.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
Equities garnered some strength from the release of the June jobs report on Friday, which provided the latest piece of evidence that the U.S. economy is on solid footing. Now, investors will turn their attention to earning season, which kicks off in earnest on Friday when the big banks report. JPMorgan Chase, Citigroup and Wells Fargo will release their second-quarter results.
“The tax cut suggests strong earnings but will earnings be that robust after the tax cut implications are excluded,” said Steven Ricchiuto of Mizuho Securities. “For me the forward guidance will be most important with the trade war casting a shadow.”
U.S. oil futures climbed 26 cents, or 0.35%, to $74.11 a barrel.
FOX Business' Ken Martin contributed to this article.