American stocks traded mostly higher on Tuesday, led by gains in energy, as investors parsed through a number of economic data sets while a post-election rally slowed down.
The Nasdaq composite outperformed, rising 1.07 percent, as Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google's parent firm Alphabet) all rose.
The S&P 500 rose 0.51 percent, with energy rising 2.5 percent. U.S. crude rose 5.75 percent to settle at $45.81 per barrel amid renewed hopes that OPEC would agree to a production cut.
The small-caps Russell 2000 hit its first record high since 2015.
Russell 2000
Financials have been one of the biggest beneficiaries of the rally, with the SPDR S&P Bank ETF (KBE) surging more than 10 percent since Election Day.
Technology stocks, however, have taken a hit, as Apple and the FANG stocks have seen sharp declines.
The Dow Jones industrial average traded .2% higher with Verizon leading advancers and Home Depot the top decliner.
The S&P 500 rose .7% with energy leading seven sectors higher and real estate the biggest laggard.
The Nasdaq composite rose or 1.2%. 1
Oil prices jumped nearly 6 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut.
Brent oil was up $2.50 a barrel, or 5.6 percent, at $46.93 by 2:38 p.m. ET after hitting a three-month low of $43.57 on Monday. U.S. light crude settled up $2.49 a barrel, or 5.8 percent, at $45.81. It reached a three-month low of $42.20 on Monday.
"Clearly the market is now seeing increased chances of an OPEC production cut," Commerzbank analysts said in a note.
WTI
Gold prices ended the U.S. day session modestly higher on mild short covering in the futures market and some bargain hunting in the cash market, after prices fell to a 5.5-month low Monday.
Gold prices ended the U.S. day session modestly higher on mild short covering in the futures market and some bargain hunting in the cash market, after prices fell to a 5.5-month low Monday.
Gold $1224
HUI + 2.6%
AUD Gold $1621
