Investing.com – Wall St closed higher on Tuesday, as investors piled into U.S. equities, after consumer confidence surged to its highest level since 2000, which overshadowed concerns about President Trump’s ability to push a tax reform package through congress.
The Dow snapped an eight-day losing streak, buoyed by better than expected consumer confidence data, which lifted sentiment amid worries that the healthcare bill setback could weigh on the success of Trump’s pro-growth policies being passed.
The Consumer Board Consumer Confidence Index, hit 125.6, far above expectations of a 114 print. Consumer confidence rose to its highest level in nearly 17 years.
Finanicals and energy led the rally, as the latter benefited from a recovery in oil prices, after a severe disruption to Libyan oil supplies while bullish comments from OPEC officials lifted sentiment.
On the New York Mercantile Exchange crude futures for May delivery gained 64 cents to settle at $48.37 a barrel, while on London's Intercontinental Exchange, Brent added 55 cents to trade at $51.44 a barrel.
Meanwhile, investors digested a slew of comments from Federal Reserve officials on Tuesday, as Kansas City Federal Reserve President Esther George said she needs more details on the Trump administration's fiscal proposals while Fed Chair Yellen did not address monetary policy.
In corporate news, shares of Tesla (NASDAQ:TSLA) closed nearly 3% higher, after the California-based electric carmaker said Chinese giant Tencent acquired a 5% stake for $1.78 billion.
The Dow Jones Industrial Average closed 0.73% higher at 20,701. The S&P 500 gained 0.73% and the Nasdaq Composite closed 0.6% higher at 5875.14.
The top S&P 500 gainers included Darden Restaurants Inc (NYSE:DRI) up 9.3%, and Red Hat Inc (NYSE:RHT) up 5.2%, while Chesapeake Energy Corporation (NYSE:CHK) added 4.5%.
McCormick & Company Incorporated (NYSE:MKC) down 2.9%, Newmont Mining Corporation (NYSE:NEM) down 2.7% and Edwards Lifesciences Corporation (NYSE:EW) slumped 1.5%, were among the worst S&P 500 performers of the session.