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  3. US markets end higher on Tuesday

US markets end higher on Tuesday

08 Nov 2023 Evaluate

The US markets ended higher on Tuesday as treasury yields showed a notable move back to the downside after surging in the previous session. However, profit taking contributed to the initial weakness on markets, as some traders looked to cash in on the recent strength in the markets. Meanwhile, traders looked ahead to speeches by Federal Reserve Chair Jerome Powell on Wednesday and Thursday. On the sectoral front, software stocks turned in a strong performance on the day, driving the Dow Jones U.S. Software Index up by 1.6 percent to its best closing level in well over three months. Considerable strength was also visible among biotechnology stocks, with the NYSE Arca Biotechnology Index climbing by 1.2 percent. Airline, retail and tobacco stocks also showed notable moves to the upside, while energy stocks moved sharply lower along with the price of crude oil.

With crude for December delivery plummeting $3.45 to $77.37 a barrel, the Philadelphia Oil Service Index plunged by 3.9 percent and the NYSE Arca Oil Index dove 2.4 percent. On the economic data front, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of September. The Commerce Department said the trade deficit increased to $61.5 billion in September from a revised $58.7 billion in August. Street had expected the trade deficit to climb to $60.2 billion from the $58.3 billion originally reported for the previous month. The wider than expected deficit came as the value of imports surged by 2.7 percent to $322.7 billion, while the value of exports jumped by 2.2 percent to $261.1 billion.

Dow Jones Industrial Average rose 56.74 points or 0.17 percent to 34,152.6, Nasdaq surged 121.08 points or 0.9 percent to 13,639.86 and S&P 500 was up by 12.4 points or 0.28 percent to 4,378.38. 


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