Dow Gains About 530 Points as U.S. Stocks Mostly Rise
The Dow closed up around 530 points at 52,495.88, while the S&P 500 rose 0.28% and the Nasdaq fell 0.02%. Oil prices declined. The Fear and Greed Index rose to 27 from 21, entering the “Fear” zone.
The CNN Money Fear and Greed index indicated an improvement in overall market sentiment, even as it moved into the “Fear” zone on Tuesday. U.S. stocks finished mostly higher, and the Dow Jones index gained more than 500 points during the session as oil prices declined. 3M (NYSE: MMM) shares rose around 6% after the company reported better-than-expected quarterly earnings and raised its full-year guidance.
Northrop Grumman (NYSE: NOC) gained almost 5% following an earnings beat. U.S. housing starts fell 5.2% month over month in September, to an annual rate of 1.221 million. Building permits decreased 0.2% month over month to 1.400 million units, above market estimates of 1.390 million.
Pending home sales declined 7.3% from the previous month, compared with market estimates for a 0.5% decrease. Most S&P 500 sectors ended Tuesday higher, led by real estate, health care and utilities. Communication services and information technology stocks moved against the broader market, closing lower. The Dow Jones rose about 530 points to close at 52495.88 on Tuesday.
The S&P 500 added 0.28% to 7712.57, while the Nasdaq Composite slipped 0.02% to 26424.82. Investors are awaiting earnings results today from Tesla Inc. (NASDAQ: TSLA), Meta Platforms Inc. (NASDAQ: META) and AT&T Inc.
(NYSE: T). The index stood at 27 on Tuesday, placing it in the “Fear” zone, compared with a previous reading of 21. The CNN Business Fear & Greed Index measures current market sentiment, based on the premise that greater fear pressures stock prices while greater greed has the opposite effect. It is calculated using seven equally weighted indicators and ranges from 0 to 100, with 0 representing maximum fear and 100 maximum greed.