Stocks opened slightly lower but quickly gained momentum to the upside Tuesday, despite slumping oil prices and mixed global markets.
The Nasdaq climbed 0.7% while the Dow industrials advanced nearly 0.6% and the S&P 500 rose 0.4%.
Overseas, markets in Europe sagged in afternoon trade with Frankfurt's DAX down hardest, losing 0.8%. China's markets closed higher: Hong Kong's Hang Seng gained 1.1%, and the Shanghai Composite added 0.6%. In Japan, Tokyo's Nikkei 225 climbed 0.8%.
Debatable Results, And Euro Banks
News reports were quick to attribute Tuesday's market gains in Asia and in early U.S. premarket action to results from Monday night's U.S. presidential debate, televised from Hofstra University in Hempstead, N.Y. Debate results did not cut through to European and U.K. banking stocks, which were once again under pressure and dragging on Europe's markets. Deutsche Bank (DB) U.S. shares edged higher after tumbling to fresh record lows. Royal Bank of Scotland (RBS) and Credit Suisse (CS) fell about 1%.
In Focus: Exxon, Carnival, Nike
Exxon Mobil (XOM) and Chevron (CVX) dragged on the Dow industrials, but recovered to trade down only slightly 0.5% apiece.
Small biotech Kite Pharmaceuticals (KITE) soared 9% after announcing that more than 40% of patients using its lymphoma treatment KTE-C19 showed complete remission.
Cruise line operator Carnival (CCL) climbed 4% in early action. The Miami-based fleet operator reported better-than-forecast fiscal third-quarter results Monday. Peer Royal Caribbean (RCL) was also rising, up 2% at the open.
Among IBD 50 stocks, Thor Industries (THO) swung up 3.8% to a record high after reporting late Monday its fiscal fourth-quarter earnings and revenue cleared analyst expectations by wide margins. Management said the outlook for recreational vehicle sales remained strong, but would continue to shift toward more moderately priced products. Thor has risen from a rebound at its 10-week moving average.
Nike (NKE) reports fiscal first-quarter earnings after the close of the stock market today. Nike shares rose 0.9%.
Oil Falls, August Home Prices, September Services PMI Up Next
The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index for August is expected out at 9 a.m. ET. Researcher Markit reports its preliminary September services Purchasing Managers' Index at 9:45 a.m. and the Conference Board releases September consumer confidence numbers at 10 a.m. Federal Reserve Vice Chairman Stanley Fischer speaks to a Howard University audience in Washington D.C. at 11:15 a.m.ET.
Oil prices were down sharply, with West Texas Intermediate down nearly 3% to below $45 a barrel. Gold dipped a half percent to near $1,336 an ounce.
RELATED:
Kite Pharma Flies On Lymphoma Treatment Data; Thor Industries Earnings Top
Iran, Saudi Arabia Put Damper On Algeria Deal, Goldman Cuts Oil Price Outlook
