U.S. Stocks Gain as Industrials and Tech Sectors Lead
The Dow Jones Industrial Average and the Nasdaq hit new intraday records on Tuesday, recovering from losses in the previous session. The industrials and tech sectors led markets higher. Shares of energy and materials companies traded lower.
On the economic front, the U.S. trade deficit in December fell 3.2% to $44.3 billion. In 2016, the deficit increased slightly to $502.3 billion, the largest since 2012. Job openings for December decreased slightly to 5.5 million, according to the Labor Department's Job Openings and Labor Turnover Survey.
Michael Kors (KORS) fell close to 14% after third-quarter same-store sales fell 6.9% and its guidance for fourth-quarter earnings fell below Wall Street forecasts. The retailer posted earnings of $1.64 a share, beating analyst estimates, on revenue of $1.35 billion, which came in below expectations.
General Motors (GM) - Get Report posted stronger-than-expected fourth-quarter earnings on Tuesday and lifted its global car sales estimates for the next four years. Earnings of $1.28 a share beat Wall Street expectations, while revenue rose 11% to $43.9 billion, topping forecasts.
