WASHINGTON (dpa-AFX) - After showing a lack of direction early in the session, stocks moved mostly higher over the course of the trading day on Tuesday. With the upward move, the S&P 500 closed higher for the sixth straight session, reaching its best closing level in almost a month.
The major averages ended the day off their highs of the session but still firmly positive. The Dow jumped 300.03 points or 0.8 percent to 40,527.62, the S&P 500 climbed 32.08 points or 0.6 percent to 5,560.83 and the Nasdaq rose 95.18 points or 0.6 percent to 17,461.32.
The strength that emerged on Wall Street came amid positive developments on the trade front, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.
Lutnick declined to name the country involved but said he expects their prime minister and parliament to give their approval 'shortly.'
Treasury Secretary Scott Bessent also told reporters the U.S. is 'very close' to a trade deal with India, has had 'substantial talks' with Japan and has 'the contours of a deal' with South Korea.
Earlier in the day, traders seemed reluctant to make significant moves ahead of the release of key earnings and economic news in the coming days.
Four of the 'Magnificent Seven' companies - Amazon (AMZN), Apple (AAPL), Meta Platforms (META) and Microsoft (MSFT) - are among the companies due to report their quarterly results this week.
Big-name companies like Visa (V), Eli Lilly (LLY), Chevron (CVX) and Exxon Mobil (XOM) are also due to report their quarterly results.
The Labor Department's monthly jobs report is also likely to be in focus later this week along with the Federal Reserve's preferred readings on consumer price inflation.
Sector News
Pharmaceutical stocks showed a significant move to the upside on the day, driving the NYSE Arca Pharmaceutical Index up by 1.4 percent.
Drug giant Pfizer (PFE) helped lead the sector higher after reporting better than expected first quarter earnings and maintaining its full-year guidance.
Notable strength also emerged among telecom stocks, as reflected by the 1.1 percent gain posted by the NYSE Arca North American Telecom Index.
Software, networking and banking stocks also saw some strength on the day, while gold and semiconductor stocks moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance, with the Japanese markets closed for a holiday. China's Shanghai Composite Index edged down by 0.1 percent, while Hong Kong's Hang Seng Index crept up by 0.2 percent.
The major European markets also ended the day mixed. While the French CAC 40 Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index rose by 0.6 percent and the German DAX Index climbed by 0.7 percent.
In the bond market, treasuries extended the upward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 4.3 basis points to 4.173 percent.
Looking Ahead
Trading on Tuesday may be impacted by reaction to a slew of U.S. economic data, including reports on private sector employment and first quarter GDP as well as the Federal Reserve's preferred readings on consumer price inflation.
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