US close: Stocks end higher as US GDP revised higher
US equities closed higher on Tuesday as oil prices jumped and first quarter economic growth data came in better than expected.
The Dow Jones Industrial Average gained 1.57%, the S&P 500 edged up 1.78% and the Nasdaq grew 2.12%.
Oil prices rose on bargain hunting after a two-day slide triggered by Britain’s vote to leave the European Union last Friday. The threat of strikes by Norwegian oil and gas workers also helped to ease the global supply glut. West Texas Intermediate crude increased 3.2% to $47.89 per barrel and Brent climbed 3.2% to $47.89 per barrel.
In economic data, the Commerce Department said first quarter US gross domestic product increased 1.1%, beating consensus expectations of 1% growth and higher than the previously-estimated 0.8% increase. In the final quarter of 2015, real GDP rose 1.4%.
“Fed Chair Janet Yellen will be largely content with the GDP figures released today that reveal a US economy in decent health amid swirling global uncertainty,” said Dennis de Jong, managing director at UFX.com.
“The UK’s decision to vote to leave the EU last week has triggered market turmoil not seen since the dark days of 2008 and, while the US is likely to avoid bearing too much of the global burden, a strengthening dollar against the pound will have some knock-on effects."
At 2106 BST the dollar was down 0.97% against the pound, down 0.56% against the euro but up 0.62% versus the yen.
US house price growth slowed just a touch in April, according to the S&P/Case-Shiller National Home Price Index, and the outlook is uncertain following Brexit and ahead of the US elections. The 20-City Composite Index was up 5.4%, down from 5.5% in March but in line with economists’ estimates.
US consumer confidence improved in June with the Conference Board’s sentiment index rising to 98.0 from 92.4 the previous month, exceeding analysts’ estimates for a reading of 93.5.
In corporate news, ReachLocal shares surged 174.70% after Gannett announced that it was buying the digital marketing company for $4.60 a share.
Shares of Tesla Motors rose after the electric car maker said on Monday that it will form a two-person committee of independent board members to evaluate its buyout offer for SolarCity.
Regulus Therapeutics plunged after the biopharmaceutical company late Monday said the Food and Drug Administration has placed its investigational new drug for the treatment of chronic hepatitis C virus infection on clinical hold.
LendingClub Corp. edged higher after fintech company said it was cutting almost 200 jobs.
S&P 500 - Risers
Endo International Plc (ENDP) $16.34 +19.36%
Southwestern Energy Co. (SWN) $13.87 +11.67%
Marathon Oil Corp. (MRO) $14.80 +8.35%
Marathon Petroleum Corporation (MPC) $35.65 +8.26%
Cabot Oil & Gas Corp. (COG) $26.01 +8.13%
Seagate Technology Plc (STX) $22.44 +7.52%
Devon Energy Corp. (DVN) $35.96 +6.55%
Murphy Oil Corp. (MUR) $30.03 +6.53%
NRG Energy Inc. (NRG) $14.19 +6.49%
Micron Technology Inc. (MU) $12.98 +6.13%
S&P 500 - Fallers
Dow Chemical Co. (DOW) $48.49 -2.95%
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Hormel Foods Corp. (HRL) $35.00 -2.26%
Tyson Foods Inc. (TSN) $64.10 -1.75%
Kroger Co. (KR) $36.05 -1.56%
Newmont Mining Corp. (NEM) $37.14 -1.46%
Raytheon Co. (RTN) $132.87 -1.43%
Campbell Soup Co. (CPB) $62.67 -1.41%
PG&E Corp. (PCG) $62.35 -1.30%
Dr Pepper Snapple Group Inc. (DPS) $94.67 -1.23%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.51 +3.30%
Travelers Company Inc. (TRV) $113.93 +3.24%
Visa Inc. (V) $75.10 +2.40%
Nike Inc. (NKE) $53.13 +2.39%
General Electric Co. (GE) $29.98 +2.25%
Home Depot Inc. (HD) $127.42 +2.21%
Exxon Mobil Corp. (XOM) $90.77 +2.15%
Goldman Sachs Group Inc. (GS) $142.43 +2.09%
Microsoft Corp. (MSFT) $49.43 +2.06%
Pfizer Inc. (PFE) $34.47 +1.98%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Wal-Mart Stores Inc. (WMT) $71.45 -0.07%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $16.34 +19.36%
Liberty Global plc Series A (LBTYA) $29.46 +9.15%
Liberty Global plc Series C (LBTYK) $29.05 +8.74%
Seagate Technology Plc (STX) $22.44 +7.52%
Biomarin Pharmaceutical Inc. (BMRN) $79.56 +6.63%
Micron Technology Inc. (MU) $12.98 +6.13%
Incyte Corp. (INCY) $76.75 +5.95%
American Airlines Group (AAL) $26.76 +5.90%
Gilead Sciences Inc. (GILD) $82.35 +5.23%
Ctrip.Com International Ltd. Ads (CTRP) $39.82 +5.07%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $135.01 -0.35%
Dollar Tree Inc (DLTR) $92.26 -0.32%
Monster Beverage Corp (MNST) $154.42 -0.25%
S&P 500 - Risers
Endo International Plc (ENDP) $16.29 +18.99%
Southwestern Energy Co. (SWN) $13.85 +11.47%
Marathon Oil Corp. (MRO) $14.80 +8.35%
Marathon Petroleum Corporation (MPC) $35.62 +8.17%
Cabot Oil & Gas Corp. (COG) $26.01 +8.13%
Seagate Technology Plc (STX) $22.44 +7.52%
Devon Energy Corp. (DVN) $35.96 +6.55%
Murphy Oil Corp. (MUR) $30.03 +6.53%
NRG Energy Inc. (NRG) $14.19 +6.49%
Micron Technology Inc. (MU) $12.98 +6.13%
S&P 500 - Fallers
Dow Chemical Co. (DOW) $48.49 -2.95%
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Hormel Foods Corp. (HRL) $35.00 -2.26%
Tyson Foods Inc. (TSN) $64.10 -1.75%
Kroger Co. (KR) $36.05 -1.56%
Newmont Mining Corp. (NEM) $37.14 -1.46%
Raytheon Co. (RTN) $132.87 -1.43%
Campbell Soup Co. (CPB) $62.67 -1.41%
PG&E Corp. (PCG) $62.32 -1.35%
Dr Pepper Snapple Group Inc. (DPS) $94.67 -1.23%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.51 +3.30%
Travelers Company Inc. (TRV) $113.93 +3.24%
Nike Inc. (NKE) $53.13 +2.39%
Visa Inc. (V) $75.08 +2.37%
General Electric Co. (GE) $29.98 +2.25%
Home Depot Inc. (HD) $127.42 +2.21%
Exxon Mobil Corp. (XOM) $90.77 +2.15%
Goldman Sachs Group Inc. (GS) $142.43 +2.09%
Microsoft Corp. (MSFT) $49.43 +2.06%
Pfizer Inc. (PFE) $34.47 +1.98%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Wal-Mart Stores Inc. (WMT) $71.45 -0.07%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $16.29 +18.99%
Liberty Global plc Series A (LBTYA) $29.39 +8.87%
Liberty Global plc Series C (LBTYK) $28.90 +8.20%
Seagate Technology Plc (STX) $22.44 +7.52%
Biomarin Pharmaceutical Inc. (BMRN) $79.48 +6.53%
Micron Technology Inc. (MU) $12.98 +6.13%
American Airlines Group (AAL) $26.76 +5.90%
Incyte Corp. (INCY) $76.64 +5.80%
Gilead Sciences Inc. (GILD) $82.34 +5.23%
Ctrip.Com International Ltd. Ads (CTRP) $39.82 +5.07%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $135.01 -0.35%
Dollar Tree Inc (DLTR) $92.26 -0.32%
Monster Beverage Corp (MNST) $154.40 -0.26%