U.S. stocks posted gains for the fourth straight session on Tuesday, lifted by the energy sector, as oil prices rebounded from early declines. Bobbi Rebell reports.
Tech stocks spearheaded a rally, extending Wall Street's gains into a third straight session. Driving stocks north: the nuclear deal between Iran and the six world powers and weak retail sales, a sign the economy may be slowing down. S&P Capital IQ's U.S. equity strategist Sam Stovall: SOUNDBITE: SAM STOVALL, U.S. EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING: "I think it's a continuation of the optimism that investors have re-embraced after the Iran deal and the Greek deals. But also seeing that retail sales numbers came in weaker than expected. I think, now investors are feeling good that they don't have to expect a rate hike in September." Leading the S&P 500 higher: Micron Technology. Sources say the Chinese conglomerate Tsinghua Unigroup plans to make a $23 billion bid for the chip maker. Twitter shares jumped higher on an alleged Bloomberg report about a takeover offer, but they gave back some of their gains when that turned out to be a fake report. Big U.S. banks kicked off earnings season. Cost cuts helped JPMorgan Chase boost profit. But costs rose at Wells Fargo, pushing profit down for the second straight quarter. Both stocks rose. Spirit Airline's shares dropped one day after it cut its forecast for the rest of the year. In Europe, the Iran nuclear deal and Greek debt deal drove stocks to a fifth day of gains.