Stocks edge higher, led by gains in technology

Stocks in Shanghai appeared to be searching for direction in initial trading a day after losing 5 percent, with downward momentum winning out.

Crude oil prices ended lower after another roller coaster session but the S&P 500 energy index reversed course heading into the close.

The health sector fell the most, declining 1.38 percent, dragged down by Celgene and McKesson.

The People’s Bank of China set the mid-point for the yuan at 6.5628 per dollar on Tuesday, just two pips weaker than the previous strong fix and firmer than its spot levels late on Monday.

Helping push up the Dow and the Nasdaq was heavyweight Apple, gaining 1.6 percent after the Financial Times reported its new music streaming service topped 10 million subscribers in the first six months. The S&P 500 index rose 1.64 points, or 0.1 percent, to 1,923.67. The Nasdaq composite fell 14 points, or 0.3 percent, to 4,623.

All of the major stock indexes are down sharply for the year.

The stock futures were tracking gains for European markets SXXP, -0.07%, but the chances of Wall Street hanging onto that lead look in doubt to some market observers.

Volume remained heavy. About 9.0 billion shares changed hands on USA exchanges, above the 7.5 billion daily average for the past 20 trading days, according to Thomson Reuters data.

On other commodities markets, spot iron ore fell half a per cent to $US41.50 a tonne on Friday. The slump came as a weakening of China’s currency and steep drops in its stock market stoked worries over the outlook for the world’s second-largest economy. “External factors are applying pressure on earnings and revenue growth, so investors will be closely watching the companies that report this week”. A modest pick-up from overnight lows in oil prices also helped to shore up the mood. “If we don’t see the earnings growth to support that, we could see again an environment of enhanced volatility”, he added.

ENERGY: The price of USA crude oil rose 93 cents, or 3.1 percent, to $31.37 a barrel in NY. The last time it finished lower was December 5, 2003, when it closed at $30.73 a barrel.

After the bell, shares of Ford Motor F.N fell 3.1 percent to $12.45 after it forecast results, while MetLife MET.N gained 7.6 percent to $45.19 after it said it plans to separate a substantial portion of its US retail business.

The S&P 500 index showed no new 52-week highs and three new lows, while the Nasdaq recorded four new highs and 29 new lows. Consol Energy shed 58 cents, or 8.4 percent, to $6.42.

HEALTHY GAINS: Health insurance companies were among the biggest gainers in the S&P 500 index. The index was still down 8.9 percent since the start of the year. Both the consumer sectors, consumer staples and consumer discretionary, were down.

HCA Holdings also rose after the hospital operator raised its profit forecast. The stock lost $1.54 to $3.01.

OVERSEAS: In Europe, Germany’s DAX fell 0.2 percent while France’s CAC 40 rose 0.3 percent. Hong Kong’s Hang Seng shed 0.9 percent, while South Korea’s Kospi dropped 0.2 percent. Freeport-McMoRan lost 43 cents, or 10.1 percent, to $3.88.

In metals trading, gold fell $11 to $1,085.20 an ounce, while silver fell 12 cents to $13.75 an ounce. The yield on the 10-year Treasury note fell to 2.12 percent from 2.17 percent late Monday. The euro fell to $1.0833 from $1.0871 a day earlier and the dollar rose to 117.89 yen from 117.53 yen.

Energy stocks rose 0.4 per cent. The sector remains down 8.5 per cent this year.

Trader Sal Suarino, left, works on the floor of the New York Stock Exchange, Monday, Jan. 11, 2016.