U.S. Stocks Rise as Oil Supply Fears Ease, Trade Deficit Widens
The Dow, Nasdaq and S&P 500 advanced Tuesday, while August’s wider trade deficit renewed attention on inflation and Federal Reserve policy.
Key takeaways
- The S&P 500 gained 0.6%, while the Dow and Nasdaq each rose 0.5%.
- The August goods and services deficit was reported at $105.6 billion, above the Zacks Consensus Estimate.
The S&P 500 rose 0.6% Tuesday, while the Dow Jones Industrial Average and Nasdaq Composite each gained 0.5%. Easing concerns about oil supplies helped support the market, and strong import demand pointed to resilient economic activity.
Brent crude rose 1% to $101.62 a barrel, and West Texas Intermediate gained 0.9% to $90.26. Stronger Middle Eastern crude exports eased supply concerns, though attacks by Yemen’s Houthis on Gulf oil supplies remained a market risk.
The U.S. goods and services deficit reached $105.6 billion in August, above the Zacks Consensus Estimate of $101.9 billion. The Census Bureau and Bureau of Economic Analysis reported the figure; the wider deficit, alongside rising imports, put inflation and Federal Reserve interest rates in focus.
This article was produced with the help of AI technology. Source: Yahoo Finance
