U.S. stocks moved higher with gains in technlogy and bank stocks, as investors looked for bargains after the Brexit-induced sell-off. Bobbi Rebell reports.
Wall Street moved higher as investors picked up stocks after a two-day sell-off triggered by Britain's decision to leave the European Union. Bargain hunters snapped up shares of banks which were among the worst hit, including Morgan Stanley, Bank of America, Citigroup, and JP Morgan Chase. Jeff Tomasulo is the CEO of Vespula Capital: (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "You know, when you have this volatility, you gotta just look for opportunity. People get scared they want to hide from the market. For us, you look at the sectors that have been beaten up, but have strong earnings that have strong sales growth, and those are the sectors you focus on." European markets also rebounded on Tuesday, posting gains for the first time in three days. Volkswagen stock moved higher after the German automaker agreed to pay more than $15 billion dollars to settle charges that it cheated on U.S. diesel emissions tests. U.S. economic data included an upward revision of first-quarter GDP to a 1.1 percent rate, but it was still a slowdown from the previous quarter. Consumer confidence increased to an eight-month high in June, though that survey was conducted before Britain's vote to quit the European Union. Home prices rose 5.4 percent in April from a year ago, according to S&P/Case-Shiller.