S&P 500 ends with gains after bumpy start

NEW YORK — Stocks were mixed Tuesday on Wall Street, but gains were strong enough for tech companies and other pockets of the market to carry the S&P 500 to its fourth straight gain and another record high.

The benchmark index rose 12.34, or 0.4 percent, to 3,443.62, even though slightly more stocks within it sank than rose. The Dow Jones Industrial Average fell 60.02, or 0.2 percent, to 28,248.44, and the Nasdaq composite rose 86.75, or 0.8 percent, to 11,466.47.

The modest moves followed some more mixed data reports on the economy. One showed that consumer confidence unexpectedly dropped this month, contrary to economists’ forecast for a strengthening.

Another said sales of new homes accelerated faster than economists expected last month. They fit in with a general slowing of the economy recently, following its plummet into recession earlier this year and subsequent, initial burst off the bottom.

Earlier in the morning, most stocks on Wall Street had been edging higher after the United States and China said they held constructive talks as they negotiate how to implement their “Phase 1” deal, which set a truce in their trade war.

The market has been making a lot of small moves recently on snippets of news about the coronavirus, developments on a potential vaccine for it and other concerns. But the economy is still hurting, with airlines running at a fraction of their capacities and restaurants still mostly empty.

“That’s not an economy that’s back to normal,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. “Ultimately, the economy doesn’t fully reopen until we get a vaccine or a therapeutic,” he said.

For the moment, though, he said, “People are willing to see that the world’s cup is slightly half-full right now.”

Adding to the cup was an announcement from the U.S. Trade Representative that “both sides see progress” following trade talks between the world’s two largest economies. China’s Ministry of Commerce said the two sides discussed strengthening coordination of their economic policies, though it gave no details.

Other concerns for the market include whether Congress can get past its partisan disagreements to agree on sending more aid to the economy.

Benchmark U.S. crude oil rose 73 cents to settle at $43.35 per barrel Tuesday as Hurricane Laura barrels toward the Gulf coast, home to much of the country’s energy production. Brent crude, the international standard, gained 73 cents to $45.86 a barrel.

Wholesale gasoline for September delivery rose 3 cents, or 2.1 percent, to $1.40 a gallon.