On Tuesday, US major stocks reported slight gains as investors evaluated higher than predicted economic data and superior oil prices. The cheerful report came following Federal Reserve Chairwoman Janet Yellen reported on Friday that an interest-rate hike in the next few months is perhaps suitable. The major indexes are all set to conclude the month slightly superior, giving optimistic returns for the third straight month.
The S&P 500 (SPX) was rallying 2 points, or 0.1%, to 2,100. The Dow Jones Industrial Average (DJIA) declined 11 points, or lower than 0.1%, to 17,862. On the other hand, the NASDAQ Composite COMP, surged 11 points, or 0.2%, to 4,944. “Markets attuned well to Janet Yellen’s remarks and predict a rate hike expected in July, following the U.K votes whether to stay in the European Union or not, reported by Diane Jaffee, senior portfolio manager at TCW.
In the active movers of the day, shares of Allergan PLC (NYSE:AGN) moved up 2.1% in morning session on Tuesday, following billionaire investor Carl Icahn revealed on his website that he lately purchased a major stock in the drug maker. Icahn reported that he was “very supportive” of Chief Executive Brent Saunders. Icahn had assisted Saunders turn in to the CEO of Forest Laboratories, which was purchased by Actavis in 2014; Actavis has since united with Allergan.
Accompanying Allergan in the bullish riders, Cliffs Natural Resources Inc. (NYSE:CLF) surged 36% in active morning session Tuesday, sufficient to make them the largest percentage gainers registered on the NYSE, following the mining firm declared a new 10-year commercial deal to supply Arcelor Mittal USA LLC MT, with iron ore pellets. Trading volume hit 18 million shares during the first half hour of session, contrasted with the full-day average of 12.5 million shares, as per reported by FactSet. Cliffs reported that the latest deal confirms at least tonnage of pellets of seven million long tons, which is superior to the joint minimum levels of the deals that ends in December 2016 and January 2017. The stock has jumped almost threefold year to date, while the S&P 500 has surged 2.8%.