US close: Stocks end in the green after mixed data

By Sharecast News

Sharecast News | 09 Aug, 2016

US stocks finished higher on Tuesday following a mixed batch of economic data.

The Dow Jones Industrial Average increased 0.2% the S&P 500 gained 0.04% and the Nasdaq grew 0.24%

In contrast, oil prices reversed earlier gains with West Texas Intermediate crude down 0.56% to $42.78 per barrel and Brent down 0.88% to $44.99 per barrel.

US wholesale inventories rose a revised 0.3% in June, up from the initial estimate for no change, the Commerce Department said Tuesday. May was also revised to a 0.2% gain from the previous estimate for a 0.1% gain.

Meanwhile, the Labor Department said US productivity 0.5% fell in the second quarter, well below forecasts for a 0.4% increase and following a 0.6% drop the previous quarter.

Productivity, which measures how much an employee produces in an hour of work, has been a major issue for the US economy over the past few years.

The data follows the non-farm payrolls report, which came in much better than expected on Friday with 255,000 jobs added to the economy in July, compared to forecasts of 185,000.

Separately, the National Federation of Independent Business index on US small business optimism rose slightly to 94.6 in July from 94.5 in June, beating expectations for an unchanged reading.

On the corporate front, Valeant Pharmaceuticals shares jumped after the drugmaker reiterated its full year guidance and said it would reorganise after reporting a wider loss in the latest quarter.

Gap Inc. slumped after the clothing retailer posted a drop in July revenue and same-stores sales.

Resolute Energy rallied after the oil and gas company reported a narrower second quarter loss.

Walt Disney, Fossil Group and Yelp were scheduled to report earnings after the closing bell.

Dow Jones - Risers

Walt Disney Co. (DIS) $96.67 0.96%
United Technologies Corp. (UTX) $108.34 0.51%
Pfizer Inc. (PFE) $35.09 0.43%
Apple Inc. (AAPL) $108.81 0.41%
Goldman Sachs Group Inc. (GS) $163.44 0.37%
Boeing Co. (BA) $132.66 0.33%
Wal-Mart Stores Inc. (WMT) $73.54 0.27%
Procter & Gamble Co. (PG) $86.00 0.27%
Microsoft Corp. (MSFT) $58.20 0.24%
Visa Inc. (V) $80.06 0.14%