U.S. stocks closed mixed Tuesday, amid a rise in oil prices, as declines in tech and consumer discretionary stocks weighed after mixed earnings reports.
"I think on the whole earnings have come in supportive and that hasn't hurt," said Bill Stone, chief investment strategist at PNC Asset Management. On oil, "the correlation isn't as strong as it was earlier in the year but it certainly doesn't hurt when it's up."
The S&P 500 and Dow Jones industrial average closed at their highest levels of the year so far, and about 1.6 percent below their 52-week intraday highs. ( Tweet This ) The Dow transports closed up nearly 1.3 percent to within 10 percent of its 52-week intraday high, out of correction territory.
The S&P closed above the psychologically key 2,100 level for the first time since Dec. 1, 2015, while the Dow remained above the 18,000 level topped Monday.
"I think it's really positive that energy and financials are still strong, and materials," said Marc Chaikin, CEO of Chaikin Analytics. There's "some rotational profit-taking going on in the technology and consumer discretionary names."
European stock indexes closed higher on Tuesday, as a sharp tick-up in oil prices and commodity stocks boosted sentiment, along with an encouraging set of corporate updates.
The pan-European STOXX 600 closed around 1.4 percent higher provisionally, with all industry sectors in positive territory. The FTSEuroforst 300 Index hit a three-month high during the session.
London's FTSE 100 index gained around 0.8 percent by the market close, lifted by the outperformance of U.K.-listed mining stocks. The index hit a four-month high during the session.
Basic resources stocks were Europe's top performers on Tuesday. Glencore was among the biggest gainers, ending around 7.7 percent higher on the day after Societe Generale raised its price target on the stock. Oil prices recovered after Monday's drop, with a Kuwait oil workers' strike subduing production. Brent and U.S. crude traded at around $44 and $41 per barrel respectively.
Reference: CNBC
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