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Stocks ended higher Tuesday. The Dow rose 184 points to 26246, while the S&P 500 added 15 points to 2904. The Nasdaq Composite gained 60 points to 7959.
The major averages advanced as a rebound in Tech and Consumer Discretionary stocks offset trade related concerns. In geopolitical news, President Trump announced new tariffs of 10% on $200 billion in Chinese imports, set to take effect on Sept. 24. Meanwhile, leaders in Beijing are poised to levy a tit-for-tat duty on $60 billion of U.S. goods. On the data front, the NAHB Housing Market Index held steady from last month, reiterating builder optimism in September.
Seven of 11 S&P 500 sectors finished the session in positive territory. Consumer Discretionary shares outperformed as Netflix climbed 4.9% to $367.65. Tech rebounded from yesterday’s weakness with Intel gaining 1.5% $46.10. Investors seemingly brushed off U.S.-China trade concerns as the Industrial sector, widely viewed proxy of the dispute, gained in the session with Boeing adding 2.1% to $363.58. In earnings, FedEx lost 5.5% to $241.58 after the delivery giant’s earnings fell short of analyst estimates.
Breadth was positive on issues by 3:2 on the NYSE and 10:7 on the Nasdaq. Composite NYSE volume was more than 4.0 billion shares.
Treasuries were lower, with the yield on the 10-year up six basis points to 3.05%. In commodities, WTI crude climbed 1.4% to $69.85/barrel after Saudi Arabia signaled they would be comfortable with global crude prices above $80/barrel. COMEX gold lost 0.2% to $1,198.60/ounce amid a stronger dollar.