the day, the markets closed slightly higher on Tuesday as the bulls resisted early selling pressure amid the latest glimmer of hope for the housing market.Investors made few big moves Tuesday after stocks rocketed 14 percent in just 16 days.
Tuesday's mostly upbeat news helped prevent the market's pause from turning into the type of slide that can follow big jumps. Analysts have been predicting stocks would idle after such a strong run, and some saw investor caution at work.
Today’s Markets
The Dow Jones Industrial Average rose 33.63 points, or 0.36%, to 9320.19, the Standard & Poor's 500 gained 3.02 points, or 0.30%, to 1005.65 and the Nasdaq Composite picked up 2.70 points, or 0.13%, to 2011.31.
The markets initially appeared on track for a rare pullback but stocks climbed out of the red after an industry group said pending home sales unexpectedly rose sharply in June. Tuesday's mini rally left the Dow and S&P 500 in the green for the fourth-straight session and at their highest closes since Nov. 4.
“People are really looking at opportunities to buy on pullbacks. I think we’ve got a mentality now where people want to increase their risk exposure by buying equities,” said Craig Peckham, equity trading strategist at Jefferies & Co.
The bulls managed to maintain and add onto what has been a historic rally from the March lows. Last month the Dow enjoyed its strongest July in two decades and the S&P 500 on Monday closed above the 1000 threshold -- recouping 50% of its plunge to 666 in March.
“I do think it’s overdone. We’re definitely due for a pause,” said a senior equity trader at Wedbush Morgan Securities. “I just think it’s getting a little stretched.”
Global Markets
European markets also cooled off as London's FTSE 100 tumbled 0.24% to 4671.37, France's CAC 40 slipped 0.04% to 3476.37 and Germany's DAX fell 0.18% to 5417.02.
In Asia, Tokyo's Nikkei 225 gained 0.22% to 10375.01, Hong Kong's Hang Seng was unchanged at 20796.43 and China's Shanghai Composite rose 0.26% to 3471.44.
NYMEX-Crude rises after surprise API stock draw
U.S. crude futures rose in post-settlement trading on Tuesday, after industry data showed a surprise drawdown in crude oil inventories last week against the forecast for a stock build.
The Dow Jones Industrial Average rose 33.63 points, or 0.36%, to 9320.19, the Standard & Poor's 500 gained 3.02 points, or 0.30%, to 1005.65 and the Nasdaq Composite picked up 2.70 points, or 0.13%, to 2011.31.
The markets initially appeared on track for a rare pullback but stocks climbed out of the red after an industry group said pending home sales unexpectedly rose sharply in June. Tuesday's mini rally left the Dow and S&P 500 in the green for the fourth-straight session and at their highest closes since Nov. 4.
“People are really looking at opportunities to buy on pullbacks. I think we’ve got a mentality now where people want to increase their risk exposure by buying equities,” said Craig Peckham, equity trading strategist at Jefferies & Co.
The bulls managed to maintain and add onto what has been a historic rally from the March lows. Last month the Dow enjoyed its strongest July in two decades and the S&P 500 on Monday closed above the 1000 threshold -- recouping 50% of its plunge to 666 in March.
“I do think it’s overdone. We’re definitely due for a pause,” said a senior equity trader at Wedbush Morgan Securities. “I just think it’s getting a little stretched.”
Global Markets
European markets also cooled off as London's FTSE 100 tumbled 0.24% to 4671.37, France's CAC 40 slipped 0.04% to 3476.37 and Germany's DAX fell 0.18% to 5417.02.In Asia, Tokyo's Nikkei 225 gained 0.22% to 10375.01, Hong Kong's Hang Seng was unchanged at 20796.43 and China's Shanghai Composite rose 0.26% to 3471.44.
NYMEX-Crude rises after surprise API stock draw
U.S. crude futures rose in post-settlement trading on Tuesday, after industry data showed a surprise drawdown in crude oil inventories last week against the forecast for a stock build.
Earlier, NYMEX September crude settled lower for the first time in four sessions on profit-taking ahead of supply data.
"The API seems a bit at odds with the seasonal norms," said Tim Evans, analyst at Citi Futures Perspective in New York.
On the New York Mercantile Exchange at the close of electronic trading at 5:15 p.m. EDT (2105 GMT), September crude CLU9 was up 23 cents, or 0.32 percent, at $71.81 a barrel, with the day's high extended to $71.95. It earlier settled down 16 cents, or 0.22 percent, at $71.42 after trading from $70.16 to $71.91.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $67.81/$64.68
Technical support/resistance:
NYMEX crude: $67.81/$72.20
"The API seems a bit at odds with the seasonal norms," said Tim Evans, analyst at Citi Futures Perspective in New York.
On the New York Mercantile Exchange at the close of electronic trading at 5:15 p.m. EDT (2105 GMT), September crude CLU9 was up 23 cents, or 0.32 percent, at $71.81 a barrel, with the day's high extended to $71.95. It earlier settled down 16 cents, or 0.22 percent, at $71.42 after trading from $70.16 to $71.91.TECHNICALS
NYMEX crude 10-day/20-day moving average: $67.81/$64.68
Technical support/resistance:
NYMEX crude: $67.81/$72.20
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