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U.S. stocks closed higher on Tuesday, recovering well after three successive days of losses, as investors shrugged off fears of a recession and geopolitical concerns, and chose to indulge in some buying at reduced levels.<\/p>\n
Investors also reacted positively to the latest batch of corporate earnings news.<\/p>\n
The major averages all closed on a firm note. The Dow ended up 294.39 points or 0.76 percent at 38,997.66. The S&P 500 closed up by $53.70 points or 1.04 percent at 5,240.03, while the Nasdaq settled higher by 166.77 points or 1.03 percent at 16,366.85.<\/p>\n
In U.S. economic news, the Commerce Department released a report on Tuesday showing the U.S. trade deficit narrowed in the month of June.<\/p>\n
The Commerce Department said the trade deficit shrank to $73.1 billion in June from a revised $75.0 billion in May.<\/p>\n
Economists had expected the trade deficit to decrease to $72.4 billion from the $75.1 billion originally reported for the previous month.<\/p>\n
The narrower trade deficit came as the value of exports jumped by 1.5 percent to $265.9 billion, while the value of imports rose by 0.6 percent to $339.0 billion.<\/p>\n
The Atlanta Fed raised its third quarter growth projection for the U.S. economy<\/span> on Tuesday, citing latest economic data including the ISM indexes.<\/p>\n Real gross domestic product growth estimate, based on the Atlanta Fed’s GDPNow model, was lifted to 2.9 percent from 2.5 percent predicted on August 1.<\/p>\n Shares of Uber soared 11 percent after the company reported better than expected second quarter results. Caterpillar shares gained 3 percent, after the company’s second quarter results exceeded analyst estimates on both the top and bottom lines.<\/p>\n CSX Corp shares climbed 2.6 percent on strong second quarter earnings.<\/p>\n Nvidia Corporation shares surged nearly 4 percent. Meta Platforms also gained nearly 4 percent. Texas Instruments advanced 3.2 percent.<\/p>\n Microsoft, Berkshire Hathway, Eli Lilly & Company, JP Morgan Chase, Mastercard, Costco, Home Depot, Netflix, T-Mobile, Accenture, IBM, GE Aerospace, Verizon, American Express, Walt Disney, Goldman Sachs, Boston Scientific, and Analog Devices gained 1 to 3 percent.<\/p>\n Apple Inc., Johnson & Johnson, Merck, Chevron Corporation, Advanced Micro Devices, Pfizer, Boeing and Micron Technology closed weak.<\/p>\n In overseas trading, Asian stocks closed mostly higher, while European stocks ended on a mixed note. <\/p>\n<\/p>\n<\/div>\n