U.S. stocks close higher for a third straight session
U.S. stocks closed higher for a third straight session on Tuesday, with banks and consumer staples leading the market higher in a broad advance. The Dow Jones Industrial Average rose 40 points, or 0.2%, to 24,641. The S&P 500 added 7 points to 2,663, a rise of 0.3%. The Nasdaq Composite Index was up 32 points, or 0.5%, to 7,013. All three indexes had opened in negative territory but regained ground throughout the session. Despite that, at current levels they remain about 7% below record levels hit late last month, meaning they are still in correction territory. Financial stocks were among the biggest gainers of the day, with the sector up 0.5%. Wells Fargo & Co. jumped 2.7% after CEO Timothy Sloan reassured investors that the Federal Reserve's action capping its assets wouldn't hurt the bank. Separately, Goldman Sachs Group Inc. rose 0.9%. The day's gains were broad, with nine of the 11 primary S&P 500 sectors ending higher on the day. Energy was one of the two decliners, dipping 0.4% as oil prices stalled. In company news, Under Armour Inc. spiked 16% after it reported stronger-than-expected revenue.