Stocks finished mixed Tuesday. The Dow climbed 122 points to 26773, while the S&P 500 slipped a point to 2923. The Nasdaq Composite was down 37 points to 7999.
The Dow extended gains and notched a new intraday high amid easing trade tensions. Yesterday, U.S. equities started off the fourth quarter on a positive note as news of a trilateral agreement between the U.S., Canada and Mexico boosted investor sentiment. In the central bank space, Fed Chair Jerome Powell delivered remarks in Boston, reiterating the Fed’s plan for further gradual interest rate increases.
Eight of 11 S&P 500 sectors closed in positive territory with Utilities and Consumer Staples leading advancers. Industrials outperformed as investor sentiment saw a boost from yesterday’s trade deal between the U.S., Canada and Mexico. Caterpillar climbed 1.7% to $154.82, while Boeing rose 1.1% to $386.37. Technology shares rebounded from recent weakness as Intel rallied 3.6% to $48.10. In earnings, PepsiCo slipped 1.8% to $108.72 after the beverage maker topped Wall Street forecasts on the top and bottom line but reduced its full-year guidance. In other corporate news, Amazon dropped 1.7%
to $1,971.31 after announcing an increase of its minimum wage for all U.S. employees.
Breadth was negative on issues by 8:5 on the NYSE and 2:1 on the Nasdaq. Composite NYSE volume was more than 3.3 billion shares.
Treasuries advanced with the yield on the 10-year note down four basis points to 3.05%. In commodities, WTI crude was off 0.2% to $75.14/barrel. COMEX gold gained 1.3% to $1,202.40/ounce despite a stronger dollar.