A flurry of buying in the last hour of trading Tuesday lifted the market off lows in a volatile session as 2017 got off to a reasonable start.
The Nasdaq composite added 0.9%, the S&P 500 rose more than 0.8% and the Dow Jones industrial average gained 0.6%. Preliminary data showed volume on the NYSE and Nasdaq coming in significantly higher than Friday's levels.
Merck (MRK) and Nike (NKE) were strong gainers in the Dow, up around 2% each. Jefferies named Nike its best new idea for 2017.
Walt Disney (DIS) also did well, rising nearly 2% to 106.03, after Evercore upgraded shares to buy from hold with a 120 price target. Disney is trying to clear a cup-with-handle base with a 106.36 buy point.
Tuesday's session was another reminder that even though the market remains in a confirmed uptrend, sellers are still out there.
Homebuilding, railroad, chip-design and restaurant stocks lagged. Gold stocks outperformed.
Wall Street liked the look of a strong reading from the December ISM Manufacturing index just after the open. It hit a two-year high, rising to 54.7 in November. The 10-year Treasury yield was recently unchanged at 2.45%.
WTI crude oil futures reversed lower after a strong start, falling $1.39, or 2.6%, to $52.33 a barrel. They traded over $55 early in the session.
In the stock market today, Netflix (NFLX) rebounded after three straight low-volume declines. Shares rose 3% to 127.49 after Goldman Sachs made positive comments about a slew of internet stocks, including Netflix. Netflix ended the session just below a 129.39 buy point.
Shares of Alphabet (GOOGL) added 3% to 808.01 after Goldman added it to its "conviction list." Alphabet is currently working on a flat base with an early entry at 824.40.
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