Markets

Here's what happened to the stock market on Tuesday

VIDEO1:1301:13
News Update – Market Close

Dow Jones Industrial Average rises 159 points

The Dow climbed 159.53 points, or 0.60%, to 26,840.40. The S&P 500 gained 0.17% to 3,257.30. The Nasdaq Composite dipped 0.81% to 10,680.36. Traders booked profits from the major tech names and added to positions in the more beaten-down value stocks

Tech struggles, value leads

Shares of Facebook, Amazon, Netflix, Microsoft and Apple were all down more than 1%. This muted performance comes after a big run-up in July. These stock are all up at least 2.5% month to date. Bank stocks — which have taken a beating this year — rose broadly. JPMorgan Chase advanced 2.17% and Bank of America climbed 3.56%. Delta Airlines advanced 0.80% and United Airlines climbed 2.29%. "The price action is the reverse of Monday directionally as cyclicals/value outperform while investors book profits in growth/momentum," said one trader.

Stimulus ahead?

Investors were also monitoring the talks in Washington on the next coronavirus relief bill. Lawmakers face pressure to pass legislation before the end of the month, when the $600 per week federal unemployment insurance benefit is set to expire. 

What happens next?

Weekly mortgage applications data and existing home sales numbers are set for release Wednesday along with Microsoft and Tesla earnings.

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