Stock market news live: Stocks recover some losses after worst day since October – Yahoo Finance

U.S. stocks rose Tuesday, steadying after fears over the deadly coronavirus in China sent the S&P 500 to its worst one-day drop since October on Monday.

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4:06 p.m. ET: Stocks close higher

Here’s where the major indices had settled as of 4:06 p.m. ET:

• S&P 500 (^GSPC): +1.01% or +32.62 points to 3,276.25

• Dow (^DJI): +0.66% or +187.05 points to 28,722.85

• Nasdaq (^IXIC): +1.43% or +130.37 points to 9,269.68

• Crude oil (CL=F): +0.81% or +0.43 to 53.57 a barrel

• Gold (GC=F): -0.58% or -9.20 to 1,568.20 per ounce

2:26 p.m. ET: Coronavirus could limit Apple engineers’ travel to China

Apple’s (AAPL) engineers may find their travel to China limited as United Airlines’ (UAL) reduction in the number of flights to China due to the coronavirus outbreak in the country, Bloomberg reports. According to Bloomberg, Apple buys an average of 50 business-class seats a day between San Francisco and Shanghai.

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12:38 p.m. ET: Stocks near the highs of the session

The S&P 500 and Nasdaq were each up more than 1% in intraday trading as a recovery rally picked up steam. Tech and financial stocks led advances.

Here were the main moves in markets, as of 12:38 p.m. ET:

• S&P 500 (^GSPC): +1.13% or +36.72 points to 3,280.35

• Dow (^DJI): +0.85% or +243.27 points to 28,779.07

• Nasdaq (^IXIC): +1.46% or +132.99 points to 9,272.28

• Crude oil (CL=F): +0.64% or +$0.34 to $53.48 a barrel

• Gold (GC=F): -0.58% or -$9.10 to $1,568.30 per ounce

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10:00 a.m. ET: Consumer confidence rises in January

Consumer confidence jumped to the highest level since August this month, according to the Conference Board.

The Conference Board’s consumer confidence index increased to 131.6 in January after coming in at an upwardly revised 128.2 in December. This was ahead of expectations for a print of 128.0, according to Bloomberg consensus data.

“Consumer confidence increased in January, following a moderate advance in December, driven primarily by a more positive assessment of the current job market and increased optimism about future job prospects,” said Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement.

“Optimism about the labor market should continue to support confidence in the short-term and, as a result, consumers will continue driving growth and prevent the economy from slowing in early 2020,” Franco added.

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9:50 a.m. ET: Take our stock market poll!

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9:31 a.m. ET: Stocks open higher, recovering some of Monday’s losses

The three major U.S. stock indices opened in positive territory Tuesday and paced toward their first day of gains in three session.

Advances in the S&P 500 were led by gains in tech and financial stocks. And while positive, the Dow was weighed down by losses in shares of 3M and Pfizer after the two components reported disappointing earnings results Tuesday morning before the bell.

Here were the main moves in markets, as of 9:31 a.m. ET:

• S&P 500 (^GSPC): +0.42% or +13.68 points to 3,257.31

• Dow (^DJI): +0.26% or +74 points to 28,609.8

• Nasdaq (^IXIC): +0.81% or +73.16 points to 9,212.47

• Crude oil (CL=F): +0.17% or +$0.09 to $53.23 a barrel

• Gold (GC=F): -0.15% or -$2.40 to $1,575.00 per ounce

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9:14 a.m. ET: Harley-Davidson, Dow-component 3M deliver disappointing earnings results

3M (MMM) posted fourth-quarter earnings per share and full-year profit guidance that missed consensus expectations, as the manufacturing conglomerate grappled with declining sales in its home market and in Asia.

Fourth-quarter adjusted earnings per share were $1.95, or 15 cents short of consensus expectations, according to Bloomberg data. Quarterly net sales of $8.11 billion matched estimates. The company said it expected to earn between $9.30 and $9.75 a share in 2020, with the midpoint of this range below expectations for $9.60 per share.

The company also announced a restructuring plan that will includes job cuts totaling around 1,500 jobs. 3M expects pre-tax savings of as much as $120 million per year from its newly announced changes.

Harley-Davidson (HOG), meanwhile, delivered another disappointing quarter, as motorcycle shipments missed estimates and retail sales declined for a twelfth consecutive quarter in the U.S. International sales rose 0.5% in the quarter, but were down 3% for the full-year 2019.

The motorcycle company delivered adjusted earnings per share of 20 cents, versus the 25 cents expected for the quarter. Motorcycle and products revenue totaled $874.1 million, below the $926.6 million anticipated.

Shares of Harley-Davidson were down 6.5% heading into market open, while 3M shares were off 1.8%.