All three major U.S. stock indices gained slightly in the positive territory Tuesday, with the S&P 500 recording new intraday and closing highs. The Dow Jones Industrial Average and the Nasdaq Composite Index also reached new closing heights as investors are more positive towards trade as the U.S. holiday season rounds the corner.
Here's how the stock market closed Tuesday:
S&P 500 Index (NYSE: SPY): +0.03% or +1.07 points
Dow Jones Industrial Average (NYSE: DIA): +0.11% or +31.27 points
Nasdaq Composite Index (NYSE: QQQ): +0.1% or +9.13 points
In Major Stock News, Boeing (NYSE: BA) shares began to gain into the positive territory Tuesday afternoon after the plane-maker announced that it would be suspending production on the 737 Max. The aircraft has been grounded globally since March 2019 after being involved in two deadly plane crashes, sending the stock into a tailspin of controversy. The model was the company's bestselling product, with economists predicting that the move could cut 0.5 percentage points from the U.S. Gross Domestic Product (GDP).
In U.S. Economic News, industrial production rose 1.1% in November, a reading that was more than expected and a positive upswing from October's decline of 0.9%. The Federal Reserve said that the increases "were largely die to a bounceback in the output of motor vehicles and parts following the end of a strike at a major manufacturer." The mentioned strike is the one that took place at General Motors (NYSE: GM) from employees protected by the United Auto Workers union that ended back in mid-October.
In U.S. Stock Sector News, the major sectors remained split on increases and decreases Tuesday. Those that experienced share gains include Consumer Discretionary +0.55%, Financials +0.49%, Utilities +0.24%, Materials +0.18% and Communication Services +0.01%. The rest that had share loses to stocks within the sector include Real Estate -1.16%, Information Technology -0.17%, Health Care -0.09%, Consumer Staples -0.07%, Industrials -0.07% and Energy -0.04%.
Finally, in Commodity and Currency News, oil prices continue their assent as oil futures settled higher on Friday for a fourth session in a row, which is their highest since mid-September. West Texas Intermediate climbed over +0.50% and Brent Crude soared almost +0.80%. Gold also saw some positive growth Tuesday, with the metal's price increasing almost +0.05%. Lastly, the U.S. Dollar is also having a comeback, with the DXY Index increasing +0.07%.