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Stocks Close Higher With S&P 500 Rising for Fourth Day

Stocks on Tuesday end higher, with the S&P 500 and Nasdaq setting closing and intraday records.

Stocks on Tuesday ended higher, with the S&P 500 and Nasdaq setting closing and intraday records.

The S&P 500 ticked up 0.03%, its fourth straight winning day. The Nasdaq ended higher by 0.19%. The Dow Jones Industrial Average edged up 9 points, or 0.03%, to 34,292.

Sentiment was dented earlier in the session by fears that outbreaks of the highly contagious delta variant of the coronavirus could stall a global economic recovery.

Stocks in Asia fell for a second day. Countries in the region extended lockdowns as they struggled to contain an outbreak of the delta variant.

Bank stocks, such as JPMorgan Chase  (JPM) - Get Report and Goldman Sachs  (GS) - Get Report, fluctuated after they and other big U.S. banks raised their quarterly dividends following the banks' passage of Federal Reserve stress tests.

Goldman finished up 1.1%, while JPMorgan Chase was off 0.1%.

The yield on the benchmark 10-year Treasury note rose to 1.482%. 

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“The Delta variant has also emerged in our client conversations as a potential threat to reflation/inflation,” J.P. Morgan Chase strategists led by Marko Kolanovic told Bloomberg. 

“The economic consequences are likely to be limited given progress on vaccinations across developed market economies. It could, however, pose some risk of a delay in the recovery in countries where vaccination rates remain lower.”

The S&P 500 and Nasdaq closed at records on Monday as investors turned to technology shares and away from equities associated with the economy's reopening amid the delta variant's surge.

Consumer confidence rose in June to the highest level since the pandemic hit the U.S. economy in March 2020, the Conference Board said Tuesday.

Investors are anticipating the release Friday of the U.S. jobs report for June, in which economists expect the country to have added 700,000 jobs during the month.

Boeing  (BA) - Get Report shares ended 1.8% lower Tuesday after United Airlines  (UAL) - Get Report confirmed plans to buy a total of 270 new planes from both the U.S. jetmaker and its European rival Airbus  (EADSY) - Get Report for around $30 billion. It's the largest single aircraft deal in the carrier's history. 

Facebook  (FB) - Get Report fell 1.1% Tuesday after a judge dismissed two antitrust suits filed by the federal government and by a group of states against the social media giant.

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