Stocks finished higher Tuesday. The Dow added 155 points to 24,065 while the S&P 500 climbed 27 points to 2,610. The Nasdaq Composite gained 117 points to 7,023.
The major averages snapped a two-day losing streak amid broad strength in the Tech and Healthcare sectors. News that China’s central bank will boost efforts to foster economic growth also lifted investor sentiment. On the data front, an update on inflation revealed the Producer Price Index (PPI) decreased 0.2% in December. Core PPI, which excludes food and energy, showed wholesale prices rose 2.7% from the same period last year. In a separate release, manufacturing in the New York Fed region expanded at the slowest pace since 2017 in January.
Nine of 11 S&P 500 sectors finished higher. The Communication Services group paced gains with Netflix rising 6.5% to $354.64 after the streaming giant announced its largest ever monthly service charge increase. Health Care also outperformed with shares of UnitedHealth adding 3.5% to $256.84 after topping profit and revenue expectations. Technology stocks were also broadly higher with Microsoft adding 2.9%. to $105.01. In other earnings news, JPMorgan gained 0.7% to $101.68 despite missing profit expectations for the first time in 15 quarters.
Breadth was positive on issues by roughly 2:1 on both the NYSE and the Nasdaq. Composite NYSE volume was more than 3.5 billion shares.
Treasuries were mixed with the yield of the benchmark 10-year note advancing one basis point to 2.71%. In commodities, WTI crude added 3.2% to $52.11/barrel. COMEX gold was down 0.2% to $1,288.90/ounce amid a stronger dollar.