Stocks End Sharply Higher
Stocks rebounded sharply on Tuesday, paring most of their losses from previous trading session, as concerns over liquidity crunch in China were overshadowed by some robust U.S. economic data.
All sectors in the S&P 500 ended the day sharply higher. Telecommunications sector led the gains, ending the day 1.70% higher. Financials also rose sharply, ending the day 1.64% higher. Basic Materials sector gained 1.15%. Energy sector rose 1.01%, while Industrials rose 1.07%.
Among the major movers in trading on Tuesday were Carnival Corporation (NYSE: CCL), which ended the day 5.03% higher at $34.89, Lennar Corporation (NYSE: LEN), which ended the day 0.69% higher at $35.23, and Walgreen Company (NYSE: WAG), which ended the day 5.89% lower at $45.22.
On the economic front, a report released by the Commerce Department showed that durable goods orders rose 3.6% in May, beating consensus forecast of an increase of 3%. Meanwhile, consumer confidence rose to the highest level in more than five years in June, according to the Conference Board. Home prices in 20 U.S. cities rose 1.7% in April, according to data from S&P/Case-Shiller. A separate report showed that new home sales rose 2.1% to a seasonally adjusted annual rate of 476,000 units in May.
European markets also rose on Tuesday, with the FTSE 100 Index in London closing 1.21% higher, and the CAC 40 Index in Paris closing 1.51% higher. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 0.72% lower, and the Hang Seng Index in Hong Kong closing 0.21% higher.