Stocks moved mostly higher during trading on Tuesday, although the Dow gave back early gains to end the session nearly unchanged. The broader Nasdaq and S&P 500 both closed firmly in positive territory.
The tech-heavy Nasdaq jumped 133.67 points or 1.2 percent to 11,190.32 and the S&P 500 climbed 17.66 points or 0.5 percent to 3,401.20, while the Dow inched up just 2.27 points or less than a tenth of a percent to 27,995.60 after rising by nearly 240 points in early trading.
A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.
The tech sector extended yesterday’s rebound after seeing considerable weakness last week, although the Nasdaq remains well off its recent record highs.
Meanwhile, shares of Apple (AAPL) pulled back well off their early highs, edging up by just 0.2 percent after jumping by as much as 3 percent.
The pullback by Apple weighed on the Dow along with notable weakness among shares of Caterpillar (CAT), JPMorgan Chase (JPM) and Travelers (TRV).
Nonetheless, overall trading activity appeared somewhat subdued ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but traders are likely to pay close attention to any tweaks to the accompanying statement. The central bank’s latest economic projections may also attract attention.
Meanwhile, traders largely shrugged off a report from the Fed showing growth in U.S. industrial production slowed by much more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August after soaring by an upwardly revised 3.5 percent in July.
Economists had expected production to jump by 1.0 percent compared to the 3.0 percent spike originally reported