The Dow Jones Industrial Average closed at 27,349.19 on Tuesday with a gain of 177.29 points or 0.65%. The S&P 500 closed at 3,005.47 for a gain of 20.44 points or 0.68%. The Nasdaq Composite closed at 8,251.40 for a gain of 47.27 points or 0.58%. The VIX Volatility Index was lower at 12.66 for a loss of -0.87 points or -6.43%.
Tuesday’s market movers
U.S. stocks continued to rise on Tuesday with earnings in focus for the week. Political announcements also helped to fuel gains. The U.S. announced that a deal has been negotiated on spending and the debt ceiling. It also reported that trade talks between the U.S. and China would begin next week with U.S. negotiators traveling to China. In the U.K., Boris Johnson was elected the new prime minister, relieving some uncertainty over the country’s leadership but creating new uncertainties over a Brexit negotiation.
On the earnings calendar, top earnings headlines for the day included the following:
- UTX: Beat revenue estimates. Earnings per share beat by 15 cents.
- KO: Beat revenue estimates. Earnings per share beat by 2 cents.
- TRV: Missed estimates on earned premium revenue. Missed GAAP earnings per share by 21 cents.
- HAS: Beat earnings per share estimate by 27 cents with a stock gain of 10%.
- CTG: Beat earnings per share estimate by 1 cent with a stock gain of 9%.
Economic reports affecting market trading included the following:
- The FHFA House Price Index increased 0.1% in May following an increase of 0.4%.
- Existing home sales decreased 1.7% in June to a seasonally adjusted annual rate of 5.27 million.
- The Treasury held an auction for two-year notes at a rate of 1.825%.
In the S&P 500, the technology sector gained 0.46% after the Trump administration promised to ensure timely licenses for companies dealing with China’s Huawei. In the Dow Jones Industrial Average, the following stocks led gains Tuesday:
- Coca-Cola (KO, Financial) 6.27%
- Dow (DOW, Financial) 3.28%
- Goldman Sachs (GS, Financial) 2.57%
- Caterpillar (CAT, Financial) 2.01%
- American Express (AXP, Financial) 1.98%
- JPMorgan (JPM, Financial) 1.76%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,554.16 for a gain of 9.38 points or 0.61%. The S&P 600 closed at 946.92 for a gain of 8.67 points or 0.92%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,072.77 for a gain of 69.65 points or 0.70%. The Dow Jones U.S. Small-Cap Value Index closed at 9,517.23 for a gain of 87.12 points or 0.92%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,956.20 for a gain of 20.56 points or 1.06%; the S&P 100 at 1,328.49 for a gain of 8.37 points or 0.63%; the Nasdaq 100 at 7,954.56 for a gain of 49.45 points or 0.63%; the Russell 3000 at 1,765.61 for a gain of 11.96 points or 0.68%; the Russell 1000 at 1,664.94 for a gain of 11.30 points or 0.68%; the Wilshire 5000 at 30,889.23 for a gain of 201.54 points or 0.66%; and the Dow Jones US Select Dividend Index at 718.74 for a gain of 4.22 points or 0.59%.
