Stock markets eased back on Tuesday after hopes over Brexit and a trade truce between the USA and China had led to a rally and new record highs on Wall Street.
At 11.48am local time on Monday, the Dow Jones Industrial Average was up 170.95 points, or 0.61 per cent, at 28,306.33; the S&P 500 was up 26.30 points, or 0.83 per cent, at 3,195.10; and the Nasdaq Composite was up 90.60 points, or 1.04 per cent, at 8,825.48.
Accommodative monetary policy by the Federal Reserve this year and mostly encouraging U.S. economic data have also helped push Wall Street stocks to record levels. Meanwhile, Europe's benchmark Stoxx Europe 600 index set its first new high in more than four years. The trade pact removed some of the uncertainty that's hung over businesses and investors. With warning signs such as the inverted yield curve, weakening manufacturing data from China, the growing national debt, as well as the trade war tensions, it's easy to see why many think that we're poised right over the financial cliff. The average rate on a 30-year fixed-rate mortgage is now nearly a full percentage point below where it was a year ago.
Health care stocks also posted solid gains.
The technology sector, which has been the market's strongest gainer this year, was the biggest loser Tuesday.
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However, Tuesday's slide in tech stocks was probably due in part to investors cashing in on their big gains ahead of 2020, Lavin said.
Netflix climbed 3.7% after the company reported breakdowns for its revenue and membership by region, which analysts said showed that Netflix has been increasing its prices steadily around the world.
In energy markets, benchmark US crude rose 16 cents to $60.37 a barrel in electronic trading on the New York Mercantile Exchange.
BOUNCING BEYOND: Bed Bath & Beyond surged 6.9% after its new CEO shook up the company's management by removing six senior executives, including its chief merchandising officer and chief legal officer. Brent crude, used to price global oils, added 10 cents to $65.44. Crude oil has been touching its highest price in three months. Hexo Corp. dropped 3.4 per cent after the cannabis producer said it lost $62.4 million in its latest quarter compared with a loss of $12.8 million in the same quarter a year ago even though revenues more than doubled to $14.5 million. Oil and gas producer EOG Resources rose 3.2%, while Marathon Petroleum rose 3.7%. Natural gas fell 2 cents to $2.32 per 1,000 cubic feet.
The dollar fell to 109.49 Japanese yen from 109.59 yen on Monday. The euro weakened to $1.1139 from $1.1148.
At the same time, these gains are the continuation of a series of consecutive green days following the United Kingdom election where Boris Johnson's Conservative Party won a majority in the country.