United States stocks end up Tuesday; indices report robust quarterly gains

Daily September E-mini S&P 500 IndexMore

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1724 to 1123 and 81 ended unchanged; on the Nasdaq Stock Exchange, 1392 rose and 1292 declined, while 75 ended unchanged. Treasury yields and the price of oil rose.

US stocks were higher after the close on Thursday, as gains in the, and sectors led shares higher.

Investors said they would be watching to see if rising employment numbers result in an uptick in consumer spending, which accounts for roughly two-third of USA economic activity. The market's gains were so widespread that all but one stock in the S&P 500 were higher at one point.

The Nasdaq climbed 53 points, or 0.5%, to 10,207.63.

At closing bell, the Dow Jones Industrial Average fell 77.91 points, or 0.3%, to 25,734.97.

If the S&P 500 stays higher, it will mean the index rose every day this week. That gives more credence to investors' hopes that the economy can pull out of its recession relatively quickly as governments relax restrictions.

The sooner-than-expected reopening of the United States economy has brought "new challenges" for the country, evidenced by recent increases in COVID-19 cases across the nation, Powell has warned.

A wobbly start led way to a rally after a much healthier-than-expected report on housing market.

Earlier, a separate report suggested private employers hired more workers than they cut in June.

The Dow is up 797.33 points, or 3.2%. The unemployment rate remains very high at 11.1%, but last month's improvement was much better than economists expected.

Explosion at Turkish fireworks factory
The HaberTurk broadcaster's website reported there had previously been explosions at the factory in 2009, 2011 and 2014. He added: 'Since it is a fireworks factory, and the explosions continue, we can not intervene at the moment'.

The pandemic has made collecting data on the economy much more hard, which leaves economists uncertain about how accurate the numbers are.

"As we look forward, we think April represented the bottom of the cycle", said Orlando. But they say it's clear that the job market is improving after collapsing in the spring amid wide-scale shutdowns.

Analysts said that while the data pointed in the right direction, it shows that an economic recovery from the pandemic will be slow.

Still, some investors noted, many potential obstacles to a full economic recovery loom - which may make any stock market recovery more bumpy in the future. "And that will slow the overall growth and consumer spending in those regions". The stock climbed 4.4%. Shares also rose in Taiwan and Southeast Asia. Pfizer gained 4.6% after it and German biotech company BioNTech announced encouraging, preliminary data on their COVID-19 vaccine candidate.

Tesla on Wednesday became the most valuable carmaker in the world, topping Toyota Motor Corp. Shares in the electric vehicle and solar panel maker rose 3.7%. However, on a year-over-year basis, factory orders dropped 10.3% in May.

U.S. Treasurys fell, causing the yield on the 10-year note to rise to 0.670 percent. It tends to move with investors' expectations for the economy and inflation.

On the commodities front, West Texas Intermediate crude oil climbed over 2 percent to $40.65 a barrel while gold posted fractional gains settling at $1,784.an ounce. Brent crude, the worldwide standard, rose 1.7% to $41.99.

In Europe, Germany's DAX paced advances, up 2.84 percent, while France's CAC and Britain's FTSE rose 2.49 percent and 1.34 percent, respectively.

AP Business Writers Tom Krisher and Yuri Kageyama contributed.

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