Wall Street held gains on Tuesday, after dropping at the open, as investors assess the geopolitical siution in the Middle East and digest positive economic reports.
At the close in New York, the Dow Jones (INDEXDJX:.DJI) and the S&P 500 (INDEXSP:.INX) were each up 0.1%. The Nasdaq (INDEXNASDAQ:.IXIC) was little changed at 5,103.
Meanwhile, U.S. crude oil futures settled up 2.7% at $42.87 a barrel, amid the increased geopolitical tension.
LUNCHTIME TRADING
U.S. stocks reversed earlier losses as tensions in the Middle East seemed to abate following Turkey’s downing of a Russian jet along the border with Syria.
At 2 p.m. in New York, the Dow Jones (INDEXDJX:.DJI) gained 0.2% to 17,829.85. The S&P 500 (INDEXSP:.INX) adds 0.2%, while the Nasdaq Composite (INDEXNASDAQ:.IXIC) was in negative territory at 5,102.17.
The indexes recovered earlier losses after a Kremlin spokesperson said Russian President Vladimir Putin didn’t talk of military consequences for Turkey.
MARKET OPEN
Wall Street opened lower on Tuesday after a Russian warplane was shot down by the Turkish military near the Syrian border.
At 10:47 a.m. in New York, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.6% to 17,692.43. The S&P 500 (INDEXSP:.INX) slid 0.8% to 2,070.63. The Nasdaq (INDEXNASDAQ:.IXIC) surrendered 1% to 5,051.38.
The three indexes fell even as data pointed to stronger U.S. economic growth. Data showed the economy expanded at a faster pace in the third quarter than previously reported.
A separate report showed home prices climbed more than estimated in September compared to a year earlier.
European stock markets stretched losses after news of the downed plane.
MARKET PRE-OPEN
Wall Street’s blue chips are seen on the back foot ahead of Tuesday’s opening bell, with Dow Jones futures down about 55 points at 17,708.
S&P 500 futures, meanwhile, are seen about 7 points lower at 2,077 and similarly the Nadaq Composite is lit in red, down 18 points at 4,657.
News of stake building by Carl Icahn saw Xerox (NYSE:XRX) shares rally in after-hours trading on Monday, ending about 6.5% higher at US$11.45 per share.
Retailers are in focus on Tuesday, as a number of companies report earnings and investors look ahead to Black Friday.
Dollar Tree (NASDAQ:DLTR) and Tiffany & Co (NYSE:TIF) are among those reporting.
In the commodities market oil prices rallied slightly with WTI Crude up just shy of 1% at US$42 per barrel, while Brent was up 1% at US$45.30. The gold price, meanwhile, rose 0.75% to around US$1,074 per ounce.