Wall Street closes slightliy higher on Tuesday
The positive impact of rising tech shares on the major equity indexes in the U.S. was countered by the weak performance of auto manufacturers after the vehicle sales data disappointed the investors on Tuesday. Furthermore, falling crude oil prices weighed on the energy shares.
- Forex today: plenty of events to muddle through, DXY down 0.11% and WTI down over 2.5%
Two of the major car manufacturers, Ford and General Motors dropped 4.2% and 2.9% respectively as the April sales figures came in below expectations. On the other hand, Apple shares gained 0.63% and led the technology sector to another strong day. Rising 0.3% in the day, the S&P 500 technology sector .SPLRCT recorded gains for the fourth day in a row.
The Dow Jones Industrial Average added 36.43 points, or 0.17%, to 20,922.85 while the S&P 500 lost 1.25 points, or 0.05 percent, to 2,385.75. After rising to a new record high at 6,102.72, the heavy-tech Nasdaq Composite closed at 6,095.37, gaining 3.76 points or 0.06%.
“Risk assets are performing well and investors are clearly bullish,” Claudio Piron, strategist at Bank of America Merrill Lynch told Bloomberg on Tuesday. “Nevertheless, we advise caution and this month is especially notorious for its refrain to ‘Sell in May,”’ he added.
Headlines from the U.S. session
- US Dollar drops to new session low near 98.80
- Putin and Trump spoke about Syria and North Korea in phone call - RIA
- U.S. Democratic's Schumer: Shutting down government in fall is a "bad idea"
- U.S. Republican's McConell: Government funding bill will be on senate floor this week
- WH Budget Director: Eventual U.S. government shutdown may be inevitable if Democrats don't cooperate
- CME Group FedWatch shows virtually no chance of a rate hike tomorrow
- Trump: Government funding bill includes $21 billion increase for defense spending