Trader John Panin, left, and specialist Jay Woods work on the floor of the New York Stock Exchange Tuesday, Jan. 28, 2014. US stocks Tuesday finished solidly higher following a mixed bag of economic data and earnings reports, snapping a five-day losing streak for the Dow Jones Industrial Average. AP PHOTO/RICHARD DREW
NEW YORK—US stocks Tuesday finished solidly higher following a mixed bag of economic data and earnings reports, snapping a five-day losing streak for the Dow Jones Industrial Average.
At the closing bell, the Dow advanced rose 89.27 (0.56 percent) to 15,927.15.
The broad-based S&P 500 jumped 10.89 (0.61 percent) to 1,792.45, while the tech-rich Nasdaq Composite Index tacked on 14.21 (0.35 percent) at 4,097.82.
The market had been primed for a rally after significant losses on Thursday and Friday and a more modest decline Monday, said Mace Blicksilver, director at Marblehead Asset Management.
“The market’s been so weak that it’s entitled to a rally-back kind of day,” Blicksilver said.
Blicksilver rated Tuesday’s report showing rising consumer confidence “quite good,” but said it was offset by a “terrible” report on durable goods—US orders sank 4.3 percent in December against expectations of a rise.
Earnings reports were also mixed, with a disappointing outlook from Apple offset by strong results from Pfizer and others.
Despite Tuesday’s gains, the market is still in a “rocky” phase and could see further volatility this week and after, Blicksilver said.