Stocks managed to find their way higher on Tuesday, as investors brushed off Target's (TGT) slashed profit forecast. The Dow added 264 points, while the S&P 500 and Nasdaq also finished with solid wins, thanks to gains in the tech and energy sectors. The risk of a potential recession was not lost on traders, though, after the Atlanta Federal Reserve’s GDPNow tracker showed 0.9% growth for the second quarter, as opposed to last week's 1.3% reading. Elsewhere, the Cboe Volatility Index (VIX) posted a loss after two days of gains.
The Dow Jones Average (DJI - 33,180.14) added 0.8% or 264.4 points for the day. Salesforce (CRM) rose 2.3%, leading the gainers. Walmart (WMT), meanwhile, paced the laggards with a 1.2% drop.
The S&P 500 Index (SPX - 4,160.68) rose 39.3 points or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,175.23) gained 113.9 points or 0.9% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 24.02) fell 1.05 points or 4.2% for the day.
GOLD PRICES RISE AS U.S. DOLLAR COOLS
Oil prices rose on Tuesday, ending just below $120 at a three-month high. Stronger demand amid easing Covid-19 restrictions in China, as well as tighter supplies due to the Russia-Ukraine war are supporting black gold. July-dated crude added 91 cents, or 0.8%, to settle at $119.41 per barrel.
Gold prices settled higher as well, as the U.S. dollar lost strength. Investors are eyeing the consumer-price index for May, which will provide additional insight U.S. inflation on Friday. In turn, August-dated gold rose 0.5%, or $8.40, to settle at $1,852.10 an ounce.
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