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The S&P 500 posted a slim gain on Tuesday as investors built on the previous session’s gains, which were largely sparked by hopes of U.S. tariffs being narrower in scope.
The Dow Jones Industrials eked out gains of 4.18 points to 42,587.50.
The S&P 500 Index grabbed 9.08 points to 5,776.65
The NASDAQ hiked 83.26 points to 19,271.85
Investors largely looked past the March consumer confidence data released Tuesday, which reflected a significant drop in U.S. consumers’ near-term outlook on income, business, and job conditions.
The Conference Board’s monthly confidence index fell to 92.9, below a Dow Jones forecast of 93.5. The measure for future expectations dropped to 65.2, the lowest reading in 12 years and well below the 80 level considered to be a signal for a recession ahead.
Wall Street has been on edge recently over a potential uptick in inflation and slowing economic growth as it awaits President Donald Trump’s reciprocal tariffs expected on April 2. Investors got a reprieve Monday on news that on reports that the White House may narrow the scope of tariffs going into effect.
Trump later told the press that he “may give a lot of countries breaks” on reciprocal tariffs. He added that duties on certain sectors, such as pharmaceuticals and autos, would still be coming in the “near future.”
Prices for the 10-year Treasury inched higher Tuesday, lowering yields to 4.32% from Monday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices squeezed higher three cents to $69.14 U.S. a barrel.
Prices for gold jumped $9.80 an ounce to $3,025,40 U.S.
