Jacquelyn Martin, Associated Press
NEW YORK — U.S. stocks are rising Tuesday, breaking a three-day losing streak at the start of the year for the Standard & Poor's 500 index. The gains were led by health care stocks. UnitedHealth Group, the nation's largest health insurer, jumped 4 percent, the biggest gain among the 30 stocks in the Dow Jones industrial average.
KEEPING SCORE: The S&P 500 rose nine points, or 0.6 percent, to 1,836 as of 12:21 p.m. Eastern time. It's still down 0.6 percent so far this year. The Dow climbed 105 points, or 0.5 percent, to 16,530. The Nasdaq composite gained 34 points, or 0.8 percent, to 4,147.
JANUARY STATS: The S&P 500's start to 2014 was the worst opening to a year since 2005. The last time the index closed lower for four straight days to begin a year was 1978, according to S&P Capital IQ. Even though the market ended up in both those years, a weak January is typically a harbinger of a weak year for the stock market. The performance of stocks in January has predicted the trend for 62 of the last 85 years.
YELLEN EFFECT: Janet Yellen will take the helm of a Federal Reserve after the Senate easily approved her nomination Monday. The vote puts an economist in the post who has backed the Fed's recent efforts to stimulate the economy with low interest rates and huge bond purchases.
The confirmation is a boon for stock investors, reminding them that the Fed's policies of stimulating the economy will likely continue, said Kristina Hooper, U.S. Investment Strategist at Allianz Global Investors.
"It's just a nice little halo effect," said Hooper.
SHRINKING DEFICIT: The U.S. trade deficit fell in November to its lowest level in four years, an encouraging sign for the economy. Gains in energy production and stronger sales of American-made airplanes, autos and machinery lifted exports to an all-time high, the Commerce Department said Tuesday.
TOY STORY: Mattel fell 69 cents, or 1.5 percent, to $45.94, after analysts at Goldman Sachs advised their clients to sell the toy retailer's stock. Goldman is predicting that the company's earnings will struggle to match expectations as sales stagnate.
DIGITAL STREAMING: Netflix, the biggest gainer in the S&P 500 last year, fell $18.66, or 5.2 percent, to $341, after analysts at Morgan Stanley cut their outlook on the stock to "underweight," saying that the online video service faces increasing competition from services such as Hulu Plus, Amazon Prime and HBO GO.
TREASURYS AND COMMODITIES: The yield on the 10-year Treasury note fell to 2.94 percent from 2.96 percent Monday. The price of oil rose 57 cents, or 0.6 percent, to $94 a barrel. Gold fell $11, or 0.9 percent, to $1,227 an ounce.
- Orem’s most notorious eyesore to be...
- Homes sales down in Salt Lake County for...
- 4 reasons it pays to be thin and assertive,...
- Solar power skates online at Utah Olympic Oval
- Local economy predicted to grow in 2015
- Churches preach against payday loans, some...
- New Utah winter tourism campaign unveiled
- Group outlines long-term plan to bolster...
- Orem’s most notorious eyesore to... 10
- Group outlines long-term plan to... 9
- Charity, it does a body good 3
- Stocks mostly lower as oil sinks,... 2
- Apple CEO Tim Cook says Apple Pay a... 1
- Churches preach against payday loans,... 1
- How saving for retirement requires... 1
- 1 proposal comes in for Salt Lake... 1