STORY: U.S. stocks gained ground Tuesday helped by some advances in economically sensitive sectors.
The Dow closed up a hair while the S&P 500 added a quarter of one percent and the Nasdaq added about 4 tenths.
Other areas of the market fared better which is a positive sign according to Fiduciary Trust Company Chief Investment Officer Hans Olsen
“The large cap section of the market is not moving very much today. The the small cap is moving quite nicely, and it looks like financials are starting to catch a bid as well. That's pretty important, because if we're going to see this market rally that we've had over the last several months sustain itself, it's really important that the market participation broaden out materially, which it hasn't done to date. So hopefully today as a harbinger of things to come, not really sure that that's the case, but it is a it's agood data point.”
Recent economic data and dovish remarks from Fed officials have raised the odds of the Fed leaving interest rates unchanged at its June 13-14 meeting to about 80 percent.
Stocks on the move included Coinbase Global which plunged 12 percent after the U.S. Securities and Exchange Commission sued the crypto exchange, accusing it of illegally operating without having first registered with the regulator.
And Advanced Micro Devices which rose five percent after broker Piper Sandler raised its price target on the stock to $150, the second highest on Wall Street according to Refinitiv data.