European stocks finished with gains on Tuesday, erasing earlier losses after oil prices clawed back above $31 a barrel.The Stoxx Europe 600 rose 0.87% to end at 339.20. U.K’s FTSE 100 finished up 0.59% at 5,911.46. Germany’s DAX 30 gained 0.89% to 9,822.75. France’s CAC 40 closed 1.05% higher at 4,356.81.
U S Stocks ended higher on Tuesday, recovering nearly all the losses from the previous session.. The S&P 500 gained 26.55 points, or 1.41%, to 1,903.63. The Dow Jones Industrial Average gained 282.01 points, or 1.78%, to 16,167.23. Meanwhile, the Nasdaq Composite ended the day up 49.18 points, or 1.09%, at 4,567.67.
Crude oil futures pared gains in late trading Tuesday, after American Petroleum Institute data showed crude oil inventory had a larger-than usual weekly build. Brent Crude was up 59 cents, or 1.87 percent, at $31.07 a barrel after the report. U S Crude was last trading up 57 cents at $30.51, after it settled up $1.11, or 3.66 percent, at $31.45 per barrel.
The gold rose to the highest point since early November as investors anticipate a dovish statement from the Federal Reserve after a poor start to the new year for stocks and industrial commodities. Gold for February delivery on the Comex division of the New York Mercantile Exchange was last up $15.30 or 1.4 percent to $1,120.60 per ounce. Comex silver for March settlement rose 26.6 cents or 1.9 percent to $14.520 per ounce.
Base metals consolidated yesterday with prices drifting lower by an average of 0.5 percent, led by a 1.6 percent decline in nickel to $8,510, lead was off 1.1 a percent, tin bucked the trend with a 0.4 percent gain, while the rest were off between 0.2 and 0.3 percent with copper closing at $4,432.
Asian markets are mixed today as Chinese and Hong Kong shares show gains. The Shanghai Composite is off 1.19% while the Hang Seng is up 1.26%. The Nikkei 225 istrading 2.31 % in positive territory..