By April Joyner
NEW YORK (Reuters) – U.S. stocks found their footing on Tuesday, helped by gains in the energy, technology and consumer discretionary sectors after a sharp sell-off a day earlier on spiraling global trade tensions.
Energy stocks <.SPNY> added the most gains among the S&P 500’s 11 major sectors, climbing 1.4 percent as Washington pushed allies to halt imports of Iranian crude, which lifted oil prices more than 2 percent. [O/R]
Technology stocks <.SPLRCT> advanced after having slid on Monday upon conflicting statements from Trump administration officials on restrictions on foreign investment in U.S. technology firms. Apple Inc
Three of the four FANG stocks, momentum leaders in the S&P 500, also reversed course from Monday. Facebook Inc
Shares of U.S. homebuilder Lennar Corp
The strength in consumer discretionary shares, including Amazon, Netflix and Lennar, and the energy sector points to solid fundamentals, which have helped to ease investor worries on trade, said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.
“They sort of take tariffs off the front page,” he said.
A Bloomberg report that Canada is preparing steel quotas and tariffs on China also may have eased investor worries by lending support to U.S. President Donald Trump’s negotiating tactics, Kinahan said.
The Dow Jones Industrial Average <.DJI> rose 30.31 points, or 0.12 percent, to 24,283.11, the S&P 500 <.SPX> gained 5.99 points, or 0.22 percent, to 2,723.06 and the Nasdaq Composite <.IXIC> added 29.62 points, or 0.39 percent, to 7,561.63.
In their first day of trading after having been removed from the Dow Industrials, General Electric Co
S&P 500 financial stocks <.SPSY> registered their twelfth consecutive session of declines, the sector’s longest-ever losing streak.
Advancing issues outnumbered declining ones on the NYSE by a 1.52-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored advancers.
The S&P 500 posted five new 52-week highs and nine new lows; the Nasdaq Composite recorded 72 new highs and 49 new lows.
Volume on U.S. exchanges was 6.77 billion shares, compared to the 7.28 billion average for the full session over the last 20 trading days.
(Additional reporting by Sruthi Shankar in Bengaluru; Editing by Chizu Nomiyama and Phil Berlowitz)