Stocks edge up; oil prices jump

U.S. stocks rose slightly as technology firms regained a bit of Monday’s losses.

U.S. stocks rose a bit Tuesday as technology and consumer-focused companies regained a sliver of their losses from the day before. Oil prices and energy companies jumped as the United States pressed its allies to stop importing oil from Iran.

Coming off their biggest loss since early April, stocks were on track for hefty gains Tuesday but then weakened late in the session. Tech firms bounced back after Monday’s abrupt losses. General Electric led industrial companies higher after it said it would spin off its healthcare business and oil service unit.

Banks and other financial firms fell as bond yields and interest rates remained well off their highs from last month. Makers of household goods also slipped.

Julian Emanuel, chief equity and derivative strategist for BTIG, said stocks will be volatile as long as investors focus on the trade disputes between the U.S. and big trading partners.

The Standard & Poor’s 500 index rose 5.99 points, or 0.2%, to 2,723.06. The Dow Jones industrial average edged up 30.31 points, or 0.1%, to 24,283.11. The Nasdaq composite rose 29.62 points, or 0.4%, to 7,561.63. The Russell 2000 index climbed 11.02 points, or 0.7%, to 1,668.53.

A senior State Department official said the Trump administration wants allies to stop importing oil from Iran. If they do, that would increase demand for oil from other countries. Benchmark U.S. crude rose 3.6% to $70.53 a barrel. Brent crude rose 2.1% to $76.31 a barrel.

Exxon Mobil shares rose 1.1% to $80.64. Chevron climbed 1.3% to $124.16.

Apple climbed 1.2% to $184.43 and Facebook advanced 1.3% to $199. Tech stocks sank Monday on reports that the Trump administration might bar tech firms from selling certain high-tech products to China and other countries and limit investment in tech companies by Chinese firms. Stocks recovered somewhat after a top U.S. trade advisor rebutted those reports.

Consumer-focused firms rose. Amazon advanced 1.7% to $1,691.09, and Netflix rose 3.9% to $399.39, regaining ground after Monday’s decline. Home builder Lennar climbed 4.9% to $51.61 after a strong quarterly report, and its competitors climbed too.

GE jumped 7.8% to $13.74 after the company said it will sell its two-thirds stake in Baker Hughes and divest its healthcare business.

Tuesday was the first day in 110 years that GE wasn’t part of the Dow. Walgreens Boots Alliance took GE’s place in the blue-chip index.

Bond prices were little changed. The yield on the 10year Treasury note remained at 2.88%.

Gold fell 0.7% to $1,259.90 an ounce. Silver fell 0.5% to $16.25 an ounce. Copper rose 0.2% to $2.99 a pound.

Wholesale gasoline rose 1.1% to $2.07 a gallon. Heating oil rose 1.4% to $2.13 a gallon. Natural gas rose 0.5% to $2.94 per 1,000 cubic foot.