Stocks demonstrated a robust upward movement on Tuesday, recovering significantly after a sharp decline in recent sessions. Key market indices have all registered notable gains.At present, the major indices are close to their session highs. The Dow has climbed 539.42 points, or 1.4%, to 39,242.69; the Nasdaq has surged 274.89 points, or 1.7%, to 16,474.98; and the S&P 500 has advanced 88.49 points, or 1.7%, to 5,274.82.The upward momentum in the market is attributed to bargain hunting, with traders taking advantage of stocks at relatively lower prices.The recent sell-off drove the Nasdaq and S&P 500 to three-month lows amid concerns regarding the U.S. economic outlook.”Pockets of volatility are expected to continue as August and September transition into a calmer seasonal period,” remarked Quincy Krosby, Chief Global Strategist for LPL Financial. “However, it’s essential to remember that opportunities often arise from turbulence.”A positive response to recent corporate earnings reports has also spurred buying interest. Notably, Uber (UBER) saw its shares jump by 7.7% following better-than-expected second-quarter results.Caterpillar (CAT) shares also experienced a significant rise after the industrial equipment maker reported second-quarter results that surpassed analyst expectations on both revenue and earnings.Additionally, shares of CSX Corp. (CSX) advanced substantially after the rail transportation company announced better-than-anticipated second-quarter earnings.On the economic front, the U.S. Commerce Department reported that the trade deficit narrowed in June.According to the Commerce Department, the trade deficit decreased to $73.1 billion in June from a revised $75.0 billion in May.Economists had projected the trade deficit to shrink to $72.4 billion from the originally reported $75.1 billion for the prior month.The narrowing trade deficit was due to a 1.5% increase in the value of exports to $265.9 billion, while imports rose by 0.6% to $339.0 billion.### Sector NewsTelecom stocks have seen a significant surge, with the NYSE Arca North American Telecom Index skyrocketing by 8.2%.Airline stocks also displayed considerable strength, evidenced by a 3.2% increase in the NYSE Arca Airline Index.Semiconductor stocks rebounded sharply, pushing the Philadelphia Semiconductor Index up by 2.2%.Additionally, software, commercial real estate, and brokerage stocks exhibited considerable strength amid a broad-based market recovery.### Other MarketsIn overseas markets, Asia-Pacific stocks mostly advanced on Tuesday. Japan’s Nikkei 225 Index soared by 10.2%, while South Korea’s Kospi jumped by 3.3%.In contrast, European markets showed mixed results. The U.K.’s FTSE 100 Index edged up by 0.1%, while Germany’s DAX Index declined by 0.2%, and France’s CAC 40 Index dropped by 0.5%.In the bond market, treasuries retreated after recent gains. Consequently, the yield on the benchmark ten-year note, which moves inversely to its price, increased by 7.6 basis points to 3.858%.The material has been provided by InstaForex Company – www.instaforex.com
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