The S&P 500 rose 21.21 points, or 1.55%, to 1,390.78.
Shares of Starbucks dropped 1.66% Tuesday to $58.66 on profit-taking following the stock reaching a 52-week high on Monday.
Shares of Starbucks hit a 52-week high on Monday of $62. The stock's 52-week low of $33.72 was set on Aug. 9.Starbucks' stock trades at an estimated price-to-earnings ratio for next year of 25.42X; the average for restaurant and bar companies is 20X. For comparison, Dunkin' Brands (DNKN) has a lower forward P/E of 21.52X. Twenty-three of the 31 analysts who cover Starbucks rate it at buy. Seven analysts give the stock a hold rating and one rates it at sell. TheStreet Ratings gives Starbucks an A+ grade with a buy rating and $79.57 price target. The stock has risen 27.5% year to date.