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The US markets end higher on Tuesday

09 Feb 2022 Evaluate

The US markets ended higher on Tuesday as investors digested another batch of corporate earnings and awaited key inflation data later this week. Corporate earnings were driving stock moves on Tuesday. Harley-Davidson jumped more than 15% after the company reported a surprise profit for the fourth quarter. Amgen and Chegg rose 7.8% and nearly 16%, respectively, following their quarterly updates. Meanwhile, the strength that emerged on markets also came as the major averages have rebounded from the multi-month lows set in late January but remained well off their record highs. On the sectoral front, extending the rally seen in the previous session, airline stocks moved sharply higher over the course of the day, driving the NYSE Arca Airline Index up by 3.7 percent. Steel stocks also showed a substantial move to the upside, resulting in a 2.5 percent spike by the NYSE Arca Steel Index.

On the economic data front, the Commerce Department released a report showing the U.S. trade deficit widened modestly in the month of December. The Commerce Department said the trade deficit widened to $80.7 billion in December from a revised $79.3 billion in November. Street had expected the trade deficit to expand to $83.0 billion from the $80.2 billion originally reported for the previous month. The wider deficit came as the value of imports surged 1.6 percent to $308.9 billion, while the value of exports jumped 1.5 percent to $228.1 billion.

Dow Jones Industrial Average surged 371.65 points or 1.06 percent to 35,462.78, Nasdaq rose 178.79 points or 1.28 percent to 14,194.46 and S&P 500 was up by 37.67 points or 0.84 percent to 4,521.54.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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