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Close Update: Lawmaker Deal to Avoid Another Shutdown Sends US Stocks Sharply Higher

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US stocks surged Tuesday after a preliminary budget agreement between federal lawmakers was reached and amid optimism over the US trade talks with China.

Basic materials and consumer discretionary shares were among the market's leaders as investors turned to economically sensitive sectors. Caterpillar ( CAT ), DowDuPont ( DWDP ) and 3M ( MMM ) powered the Dow Jones Industrial Average higher as the widely followed gauge jumped about 373 points.

The Nasdaq Composite Index jumped 1.5%, while the S&P 500 Index gained 1.3%. Financials and technology stocks were also notable gainers in the session, helping boost the S&P 500.

Meanwhile, President Donald Trump said Tuesday that he would consider delaying the implementation of additional tariffs if the two countries were close to reaching a deal. In early March more tariffs are scheduled to kick in.

Economic news Tuesday was light. Looking ahead, the government will release retail sales data on Thursday.

US MARKETS

Dow Jones Industrial Average was up 372.65 points (1.49+%)

S&P 500 was up 34.93 points (+1.29%)

Nasdaq Composite Index was up 106.71 points (+1.46%)

GLOBAL SENTIMENT

FTSE 100 was up 0.06% to 7,133.14

Hang Seng Index was up 0.10% to 28,171.33

Shanghai China Composite Index was up 0.68% to 2,671.89

UPSIDE MOVERS

(+) COTY (+12.53%) Investment firm JAB proposes to acquire 150 million shares of Coty

(+) EA (+5.23%) Apex Legends hits 25 million players in first week

(+) UAA (+6.88%) Q4 earnings top estimate, revenue just higher

(+) BHF (+13.95%) Q4 adjusted EPS beats Street view

DOWNSIDE MOVERS

(-) VRNS (-13.65%) Q1 outlook below Street views

(-) ESNC (-59.47%) Warns of possible bankruptcy

(-) TAP (-9.4%) Q4 sales miss consensus

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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