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Following the market opening Tuesday, the Dow traded up 1.05 percent to 17,544.10 while the NASDAQ climbed 0.50 percent to 4,700.20. The S&P also rose, gaining 0.78 percent to 2,036.68.
Leading and Lagging Sectors
Tuesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from McDermott International Inc. (NYSE: MDR) and Energy XXI Ltd. (NASDAQ: EXXI).
In trading on Tuesday, healthcare shares slipped by 0.07 percent. Top losers in the sector included Luminex Corporation (NASDAQ: LMNX), down 10.6 percent, ZIOPHARM Oncology, Inc. (NASDAQ: ZIOP), off 7.5 percent.
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Top Headline
AutoNation Inc. (NYSE: AN) reported stronger-than-expected earnings for the fourth quarter.
The Fort Lauderdale, Florida-based company posted quarterly net income of $116.7 million, or $1.02 per share, compared to $109.4 million, or $0.89 per share, in the year-ago period. Its adjusted earnings came in at $1.02 per share.
Its revenue climbed 12% to $5.05 billion. However, analysts were expecting earnings of $0.91 per share on revenue of $4.90 billion.
Equities Trading UP
Esperion Therapeutics, Inc. (NASDAQ: ESPR) shares shot up 11.05 percent to $49.74 after the company announced the removal of PPAR partial clinical hold for ETC-1002.
Shares of Office Depot, Inc. (NASDAQ: ODP) got a boost, shooting up 18.87 percent to $9.07 amid merger talks with Staples, Inc. (NASDAQ: SPLS).
Canadian Solar Inc. (NASDAQ: CSIQ) shares were also up, gaining 17.35 percent to $25.02 after the company announced its plans to acquire Recurrent Energy from Sharp Corporation (OTC: SHCAY) for $265 million.
Equities Trading DOWN
Stratasys Ltd. (NASDAQ: SSYS) shares tumbled 33.45 percent to $53.29 after the company issued a weak outlook.
Shares of Rent-A-Center, Inc. (NASDAQ: RCII) were down 16.21 percent to $29.35 after the company reported weaker-than-expected earnings for the fourth quarter.
Luminex Corporation (NASDAQ: LMNX) was down, falling 11.58 percent to $15.63 after the company reported Q4 earnings of $0.19 per share on revenue of $85.1 million and issues a weak revenue forecast.
Commodities
In commodity news, oil traded up 2.84 percent to $50.98, while gold traded down 0.94 percent to $1,264.90.
Silver traded up 0.17 percent Tuesday to $17.28, while copper rose 2.55 percent to $2.55.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.85 percent, the Spanish Ibex Index climbed 2.62 percent, while Italy’s FTSE MIB Index surged 2.19 percent. Meanwhile, the German DAX gained 0.91 percent, and the French CAC 40 climbed 1.18 percent while UK shares rose 1.18 percent.
Economics
The Johnson Redbook Retail Sales Index declined 3.5% in January from December.
US factory orders slipped 3.40% in December, versus economists’ expectations for a 2.40% decline.
The Treasury is set to auction 4-and 52-week bills.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.