Investing.com - Stocks started in the day in the green in New York, as oil prices helped energy stocks again and bargain hunters came in after the previous trade-related selloff.
The Dow rose 52.22, or 0.2%, to 26,614.27, while the broader S&P 500 index rose 4.21, or 0.14%, to 2,923.58. The tech-heavy Nasdaq composite edged up 1.03, or 0.01%, to 7,994.27.
There were no encouraging developments in the ongoing trade war between China and the United States.
A senior Chinese official said today trade talk progress will be difficult with the U.S. putting “a knife to China’s neck” and the that the prospect of new talks depends on the will of Washington.
But the selloff in the previous session, as new tariffs went into effect, gave investors the opportunity to scoop up some cheaper shares.
The energy sector showed some strength again, as crude oil futures increased 0.69% to $72.58 a barrel, adding to Monday’s strong gains.
The bulls have been in control, with OPEC and Russia giving no inclination of a further boost in supply as the deadline for Iran oil sanctions gets nearer.
Exxon Mobil (NYSE:XOM) rose about 0.8%, while Hess (NYSE:HES) gained 1%.
On the economic front, the Federal Open Market Committee starts its two-day meeting on interest rates, with traders pricing in a 100% chance of a quarter-point hike tomorrow.
But the currency markets were still predictably cautious, with the U.S. dollar index little changed, down 0.1%.
In technology, Facebook (NASDAQ:FB) fell about 2.2% after Instagram co-founders Kevin Systrom and Mike Krieger resigned. Netflix (NASDAQ:NFLX) lost 0.6%, while Apple (NASDAQ:AAPL) slipped 0.2%.
Cannabis stocks look set to be active again. Tilray (NASDAQ:TLRY) stock surged 18% after the company announced it will distribute its CBD 100 cannabis extract to three hospitals in the state of Victoria, Australia for children suffering from intractable epilepsy.
And Aurora Cannabis (OTC:ACBFF) said it is looking to move from the over-the-counter markets in the U.S. to a senior exchange like the NYSE or Nasdaq.
And Chinese smart-home product company Viomi will start trading on the Nasdaq after raising a little more than $100 million with its initial public offering.
In Europe, stocks were mostly higher. Germany’s DAX rose 17.58 points, or 0.14%, while in France the CAC 40 gained 11.25 points, or 0.21%, and in London, the FTSE 100 was up 50.87 points, or 0.68%. Meanwhile the pan-European Euro Stoxx 50 rose 11.32 points, or 0.33%, while Spain’s IBEX 35 slumped 4.8 points, or 0.05%.