S&P 500 Turns Positive for Year; Tech Stocks Rally

The pan-European FTSEurofirst 300 index rose 0.7 percent while the euro zone’s blue-chip Euro STOXX 50 index advanced 1.2 percent.

“With oil prices now closely linked to risk appetite, tumbling oil prices pushed European and Asian stock markets down”, noted Charalambos Pissouros, senior technical analyst at IronFX, in a note.

The price of crude oil fell nearly 3 percent to $37 a barrel in NY.

The Nasdaq (^IXIC) composite declined 32 points, or 0.63 percent, to 5,016.

USA stock indexes were higher on Tuesday, with the S&P 500 logging a small gain for the year, as tech stocks rallied and energy stocks reflected a recovery in crude prices.

Nasdaq 100 e-minis were up 19.75 points, or 0.43 percent, on volume of 11,780 contracts.

The Stoxx Europe 600 Index slipped 0.5 per cent at the close of trading in London, with energy companies leading losses as oil resumed its retreat, while miners fell after data showed Chinese industrial company profits dropped.

Still, the slide in oil prices appear to have dashed hopes of a strong year-end rally, traditionally known as the Santa Claus rally.

Cardillo added that the market could add to gains if consumer confidence data came in as expected.

The Dow Jones Industrial Average lost 24 points, or 0.1%, to 17528, after falling as much as 115 points intraday.

Trading volumes are expected be subdued through the week, which is likely to exacerbate volatility.

Pep Boys was up 6.6 percent at $18.56after the auto parts retailer’s board found Carl Icahn’s latest offer superior to the deal it accepted from Japan’s Bridgestone.

Advancing issues outnumbered decliners on the NYSE by 2,377 to 390.

Valeant was down 7.1 percent at $106.30 after the Canadian drugmaker said Chief Executive Michael Pearson is going on medical leave. Gold fell 0.62% to $1,070 a troy ounce, while silver declined 3.45% to $13.87 an ounce, and copper shed 2.13% to $2.08 a pound.

Videogame developer Activision Blizzard shot up 2.1 percent after a note from investment bank Pacific Crest Securities said Activision’s “Call of Duty” game had been a top seller over the holidays.

No stocks on the index lost ground.

Treasury yields traded mixed, with the 10-year yield (U.S.:US10Y) lower near 2.22 percent and the 2-year yield (U.S.:US2Y) higher around 1.01 percent.