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Stocks - S&P 500 Closes Higher Amid Trade Optimism, Tech Rebound

Trade-sensitive stocks soared on Tuesday
Trade-sensitive stocks soared on Tuesday

Investing.com - The S&P 500 closed higher as investors cheered a report that the U.S. and China were in talks to avert full-blown trade war.

The Dow Jones Industrial Average rose about 0.43%. The S&P 500 rose 0.49%, while the Nasdaq Composite rose about 0.55%.

Bloomberg reported, citing sources, the U.S. and China are trying to restart talks on trade to avert a full-blown trade war between the world’s two largest economies.

The prospect of the U.S. and China returning to the negotiation table to reconcile their differences on trade sent trade-sensitive stocks sharply higher, helping the broader market snap a three-day losing streak.

3M (NYSE:MMM), Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) stocks - notable names most sensitive to escalating trade conflagrations - closed sharply higher.

Investor optimism on the trade-war front comes as the next wave of tariffs on imported goods from China is expected to come into effect Wednesday, with China vowing to retaliate in kind.

The broader averages were also supported by a rise in tech for the first time in at least two sessions as a cluster of closely-watched tech stocks rebounded. Facebook Inc (NASDAQ:FB), Apple Inc (NASDAQ:AAPL) and Netflix Inc (NASDAQ:NFLX) stocks posted gains for the day.

Energy stocks kept a lid on gains, however, as oil prices settled sharply lower, posting their biggest monthly loss since 2016 amid easing expectations for steep losses of Iranian crude from the market.

On the New York Mercantile Exchange crude futures for September fell 1.9% to settle at $68.80 a barrel.

Ahead of the Federal Reserve's decision on interest rates due Wednesday, market participants digested a raft of economic data showing inflation remained close to the Fed's 2% target and upbeat consumer confidence.

The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, rose 0.1% in June and rose 1.9% in the 12 months through June.

That did little to alter investor expectations for an unchanged decision on interest rates from the Federal Reserve, according to Investing.com's Fed Rate Monitor Tool.

On the corporate earnings front, Pfizer and Procter & Gamble stocks recovered from an early slump after posting mixed quarterly results.

Pfizer (NYSE:PFE) stock closed above 3% after the drugmaker posted earnings and revenue that topped expectations, but guided full-year earnings lower.

Procter & Gamble (NYSE:PG) stock closed 0.85% higher after the household goods manufacturer reported an above-forecast earnings, while sales fell short.

Top S&P 500 Gainers and Losers Today:

Illumina (NASDAQ:ILMN), KLA-Tencor (NASDAQ:KLAC) and Harris Corporation (NYSE:HRS) were among the top S&P 500 gainers for the session.

IPG Photonics (NASDAQ:IPGP), Chipotle Mexican Grill (NYSE:CMG), Advanced Micro Devices (NASDAQ:AMD), were among the worst S&P 500 performers of the session.

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