Investing.com – Wall Street was set for a comeback on Tuesday, as investors shrugged off trade war and technology stocks made a comeback.
The S&P 500 was up 11 points or 0.45% to 2,593.38 as of 9:45 AM ET (13:45 GMT) while the Dow composite increased 131 points or 0.56% to 23,775.44 and tech heavy NASDAQ Composite rose over 47 points or 0.70% to 6,917.98
Wall Street had its worst first day of April since 1929, as stocks have entered the correction territory, falling 10% since their peak in January. Worry over a trade war between China and the U.S. and concern over increased regulation of technology firms have weighed on stocks in recent weeks.
Tesla (NASDAQ:TSLA) rose 4.64% as traders eased from fears that the luxury car maker was not meeting production quotas of its Model 3. Amazon.com (NASDAQ:AMZN) rallied 1.68%. The online retailer fell 5% on Monday after U.S. President Donald Trump tweeted that online retail giant Amazon.com should pay more taxes and was causing the U.S. Postal Service to lose “billions of dollars.” Meanwhile Netflix (NASDAQ:NFLX) gained 3.47%, while Dropbox Inc (NASDAQ:DBX) surged 4.13% and Twitter Inc (NYSE:TWTR) was up 2.50%.
Elsewhere Exxon Mobil Corporation (NYSE:XOM) inched down 0.12%.
Music streaming service Spotify Technology SA (NYSE:SPOT) is also pursuing an unusual direct listing in place of an Initial Public Offering (IPO), with shares expected to trade midday on Tuesday and stock is expected to sell for $132.
In Europe stocks were mixed. Germany’s DAX fell 34 points or 0.29% while in France the CAC 40 increased half a point or 0.01% and in London, the FTSE 100 was up four points or 0.05%. Meanwhile the pan-European Euro Stoxx 50 lost four points or 0.14% while Spain’s IBEX 35 inched down 29 points or 0.31%.
In commodities, gold futures fell 0.63% to $1,338.40 a troy ounce while crude oil futures increased 0.60% to $63.39 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rallied 0.23% to 89.90.