The US markets ended mostly higher on Tuesday as investors snapped up beaten-down energy and financial stocks amid a slate of corporate earnings reports, including Coca-Cola and Lockheed Martin’s second-quarter results. Coca-Cola posted a notable gain after the beverage giant reported better than expected second quarter results. Market sentiment also was encouraged by the promise of additional US fiscal stimulus, after the European Union forged a historic budget package intended to dampen the economic impact of the effects of the COVID-19 pandemic. The European Union reached an agreement on a 750 billion Euro coronavirus rescue fund after four days of intense negotiations among officials from the 27-nation bloc.
On the economic data front, the Chicago Fed National Activity Index for June, a composite of 85 indicators, rose to a fresh record 4.11, marking a record high going back to 2000, from a 3.5 in May - representing a level that was raised from the previous May reading. A zero value for the index indicates the national economy is expanding at its historical trend rate of growth. The report highlights that some aspects of the economy are attempting to come off its coronavirus lows.
Dow Jones Industrial Average gained 159.53 points or 0.6 percent to 26,840.4 and S&P 500 was up by 5.46 points or 0.17 percent to 3,257.3, while Nasdaq declined 86.73 points or 0.81 percent 10,680.36.
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