U.S. stocks closed mostly higher after a rocky trading session. Energy stocks recovered, but Apple still closed in the red. Bobbi Rebell reports.
Stocks stabilize after selloff
Stocks came back from intraday losses to close mostly higher Tuesday, stabilizing after suffering their worst start to a new year in eight years on Monday. Energy stocks recovered despite lower crude oil prices.
But the escalating tensions in the Middle East are still top of mind for Wunderlich Securities’ Art Hogan.
SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES (ENGLISH) SAYING:
“I’m cautious because there are things that are new that we haven’t priced into the marketplace, things like Saudi Arabia and Iran. We don’t know how that plays out. I’m very concerned that there has been no bid in the energy complex because of this.”
Apple shares fell. The Nikkei reports the iPhone maker will cut production of its 6S and 6S Plus models.
Twitter also lower. Re/code reported the micro-blogging website is building a new feature to post tweets as long as 10,000 characters.
U.S. auto makers set a record year in 2015. GM’s December sales rose 5.7 percent, Ford eight percent, and Fiat Chrysler 13 percent.
Gun makers stocks shot up after the White House unveiled gun control measures. Smith & Wesson hiked its outlook.
In Europe, a rally in mining and telecom stocks sent shares higher.