U.S. stocks rose Tuesday, helped by a recovery in technology stocks.
The tech-heavy Nasdaq composite outperformed, climbing about a third of a percent in mid-morning trade. The S&P 500 traded just above the psychologically key 2,500 level, while the Dow Jones industrial average added about 50 points.
UnitedHealth, Apple and IBM contributed the most to gains in the Dow. Apple traded more than 1 percent higher, while Facebook gained more than half a percent.
Information technology climbed about half a percent as the best performer in the S&P 500, while energy was the greatest laggard.
“We got a little bump in the open after three down days on the Dow,” said JJ Kinahan, chief strategist at TD Ameritrade. He said investors were awaiting a midday speech from Fed Chair Janet Yellen, although no major news is expected less than a week after her press conference.
Information technology stocks fell more than 1 percent Monday in their worst day since August 17. The small-cap Russell 2000 hit a record high for the first time since July.
Yellen is scheduled to speak on “Prospects for Growth: Reassessing the Fundamentals” at a luncheon Tuesday.
Cleveland Fed President Loretta Mester, Chicago Fed President Charles Evans, Fed Governor Lael Brainard and Atlanta Fed President Raphael Bostic are scheduled to speak Tuesday as well.
In economic news, consumer confidence for September fell to 119.8 from 120.4 in August.
New Home Sales fell 3.4 percent in August, versus expectations for a gain.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.9 percent annual gain in July, up from 5.8 percent the previous month and better than the 5.7 percent expected by economists polled by Reuters.
Treasury yields traded higher, with the U.S. 10-year yield around 2.23 percent and the 2-year yield near 1.44 percent.
The U.S. dollar index traded higher near 93, with the euro around $1.1787.
Oil prices edged off multi-month highs hit Monday. U.S. crude traded just below $52 a barrel.
Gold futures fell 0.6 percent to $1,303 an ounce.
Source: Tech CNBC
Stocks rise as technology stocks recover