U.S. stock indices rose on Tuesday despite lower oil prices. Investors also assessed rally in Chinese stocks.
The Dow Jones Industrial Average rose 222.57 points, or 1.2%, to 16,196.41. The S&P 500 rose 30.80 points, or 1.7%, to 1,895.58 (all of its 10 sectors climbed). The Nasdaq Composite surged 98.44 points, or 2.3%, to 4,435.96.
The Empire State manufacturing index showed business conditions in the New York region improved in December, but remained weak. The index rose to -4.59 from -10.74 in November. Economists had expected the index to climb to -10.
Meanwhile the National Association of Home Builders reported that an index of builder confidence in the market for new single-family homes fell in February. The index declined to 58 points (the lowest level since May) from 61 in January (revised from 60). A reading above 50 suggests most builders consider current conditions positive.
This morning in Asia Hong Kong Hang Seng lost 0.58%, or 110.14 points, to 19,011.94. China Shanghai Composite Index declined 0.14%, or 3.94 points, to 2,832.63. Meanwhile the Nikkei fell 1.84%, or 294.98 points, to 15,759.45.
Asian stocks declined despite gains in U.S. equities. Some analysts say that stock rally that started on Friday has depleted and U.S. stocks rose because investors wanted to catch up after a long weekend.
The yen resumed its growth weighing in Japanese exporters.