US close: Stocks extend rally, reclaim earlier losses
US stocks closed higher on Tuesday as major indices reclaimed some of their earlier losses.
At the close, the Dow Jones Industrial Average was up 0.24% at 35,416.98, while the S&P 500 was 0.10% firmer at 4,554.98 and the Nasdaq Composite saw out the session 0.29% higher at 14,281.76.
The Dow closed 83.51 points higher on Tuesday, taking a bite out of losses recorded in the previous session.
Stocks searched for direction at the bell on Tuesday as market participants took stock of what has been another strong month for major indices despite mounting macroeconomic pressures.
However, Boeing, which received an upgrade from analysts at RBC Capital, as well as retailers Nike and Walmart, traded higher and gave the blue-chip Dow Jones a boost in afternoon trading.
On the macro front, S&P/Case-Shiller's home price index increased to 318.59 points in September, up from 317.84 points in August and well and truly ahead of the 23-year average of 183.01 points and near its all-time high of 318.71 points in June 2022.
On another note, the Richmond Federal Reserve's manufacturing index decreased to -5 in November, down from +3 in October and missing market expectations for a reading of +1. Of its three component indices, shipments fell from +9 to -8, new orders edged down from -4 to -5, and employment decreased from +7 to 0.
Data also showed that consumer confidence had improved in November, despite most consumers still expecting an imminent recession, with the Conference Board's index rising to 102 for the month, up from a downwardly revised print of 99.1 from October and ahead of estimates for a reading of 101.
Elsewhere, Federal Reserve banker Christopher Waller expressed confidence that monetary policy was "currently well positioned" to slow the economy and bring inflation back to 2%. Traders generally expect the Federal Open Markets Committee to keep its key lending rate steady at its December meeting.
Also in focus, US Treasury yields dipped, with the yield on the benchmark 10-year note down almost six basis points at 4.33%.
In the corporate space, Zscaler was in the red despite the cloud security company posting Q1 adjusted earnings and revenues that beat expectations, while software firm CrowdStrike turned in an all-time high in terms of net new annual recurring revenues of $223.0m and record profitability.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
3M Co. (MMM) $98.51 1.48%
Boeing Co. (BA) $222.37 1.40%
Walmart Inc. (WMT) $158.64 1.19%
Dow Chemical Co. (DOW) $51.69 1.12%
Microsoft Corp. (MSFT) $382.63 1.06%
American Express Co. (AXP) $165.66 0.99%
Chevron Corp. (CVX) $145.51 0.80%
Home Depot Inc. (HD) $313.34 0.78%
Nike Inc. (NKE) $108.72 0.70%
Procter & Gamble Co. (PG) $152.29 0.69%
Dow Jones - Fallers
Walt Disney Co. (DIS) $92.50 -2.81%
Merck & Co. Inc. (MRK) $100.18 -1.23%
Travelers Company Inc. (TRV) $176.97 -0.92%
Walgreens Boots Alliance, Inc. (WBA) $19.98 -0.65%
Unitedhealth Group Inc. (UNH) $540.53 -0.56%
Visa Inc. (V) $252.94 -0.47%
Cisco Systems Inc. (CSCO) $47.85 -0.17%
Caterpillar Inc. (CAT) $247.28 -0.04%
Goldman Sachs Group Inc. (GS) $337.65 -0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Vornado Realty Trust (VNO) $23.26 7.09%
Newmont Corporation (NEM) $40.57 6.26%
Sl Green Realty Corp. (SLG) $36.35 5.64%
Hanesbrands Inc. (HBI) $3.86 5.18%
Synchrony Financial (SYF) $30.89 5.10%
Crown Castle International (CCI) $111.13 3.71%
Paypal Holdings Inc (PYPL) $58.47 3.69%
Boston Properties Inc. (BXP) $55.26 3.37%
Bread Financial Holdings, Inc. (BFH) $27.67 3.17%
Foot Locker Inc. (FL) $23.84 3.16%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.42 -6.07%
W.W. Grainger Inc. (GWW) $775.14 -4.35%
Dish Network Corp. (DISH) $3.54 -4.32%
CenturyLink Inc. (LUMN) $1.18 -4.07%
Walt Disney Co. (DIS) $92.50 -2.81%
Assurant Inc. (AIZ) $164.25 -2.45%
Wynn Resorts Ltd. (WYNN) $84.94 -2.44%
Hologic Inc. (HOLX) $69.87 -2.32%
Raymond James Fin Corp. (RJF) $102.88 -2.30%
Quanta Services Inc. (PWR) $181.48 -2.28%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $246.72 4.51%
Paypal Holdings Inc (PYPL) $58.47 3.69%
Qurate Retail Inc. (QRTEA) $0.88 2.93%
Autodesk Inc. (ADSK) $207.43 2.56%
Illumina Inc. (ILMN) $96.54 2.00%
Liberty Global plc Series C (LBTYK) $16.94 1.80%
Liberty Global plc Series A (LBTYA) $16.08 1.45%
Meta Platforms Inc. (META) $338.99 1.28%
Charter Communications Inc. (CHTR) $401.29 1.12%
Microsoft Corp. (MSFT) $382.63 1.06%
Nasdaq 100 - Fallers
Dish Network Corp. (DISH) $3.54 -4.32%
Baidu Inc. (BIDU) $119.63 -3.52%
Wynn Resorts Ltd. (WYNN) $84.94 -2.44%
Hologic Inc. (HOLX) $69.87 -2.32%
Idexx Laboratories Inc. (IDXX) $470.80 -1.84%
Applied Materials Inc. (AMAT) $148.06 -1.82%
Asml Holdings N.V. (ASML) $675.99 -1.80%
Micron Technology Inc. (MU) $76.12 -1.79%
KLA-Tencor Corp. (KLAC) $547.14 -1.76%
Fastenal Co. (FAST) $59.90 -1.72%