Investing.com – Wall St traded higher on Tuesday, as investors piled into U.S. equities, after consumer confidence surged to its highest level since 2000, which overshadowed concerns about President Trump’s ability to push a tax reform package through congress.
The Dow Jones Industrial Average traded 0.66% higher at 20,686. The S&P 500 gained 0.68% and the Nasdaq Composite traded higher at 5872.46.
The Dow was on track to snap an eight-session losing streak, buoyed by better than expected consumer confidence data, which lifted sentiment amid worries that the healthcare bill setback could weigh on the success of Trump’s pro-growth policies being passed.
The Consumer Board Consumer Confidence Index, hit 125.6, far above expectations of a 114 print. Consumer confidence rose to its highest level in nearly 17 years.
Financials and energy led the rally, as the latter benefited from a recovery in oil prices, after a severe disruption to Libyan oil supplies while bullish comments from OPEC officials lifted sentiment.
On the New York Mercantile Exchange crude futures for May crude gained 70 cents to trade at $48.44 a barrel, while on London's Intercontinental Exchange, Brent added 57 cents to trade at $51.47 a barrel.
In corporate news, shares of Tesla Inc (NASDAQ:TSLA) gained more than 3%, after the California-based electric carmaker, said Chinese giant Tencent acquired a 5% stake for $1.78 billion.
Shares of Tesla traded at $278.75, up 3.15%, by 13:58 EDT.