Stocks inch higher as markets shake off trade tensions

Stocks staged a recovery Tuesday, shaking off escalating trade tensions that have been weighing on global markets. The dollar rallied against a basket of peers. Treasury yields inched higher.

Here's the scoreboard:

Dow Jones industrial average: 24,280.80 +28.00 (+0.12%)

S&P 500: 2,726.01 +8.94 (+0.33%)

1. President Donald Trump lashed out at Harley-Davidson. He said in a tweetstorm it could "be taxed like never before" if it moves production outside of the US, a move the company said is necessary as tariffs hike up costs.
2. Countries have until November to cut oil imports from Iran to zero or they could face US sanctions. A State Department official told reporters no sanctions waivers will be issued following the Trump administration's withdrawal from the Iran nuclear deal, which reimposes economic penalties on Tehran.
3. General Electric said it will spin off its healthcare business and split from oil giant Baker Hughes. As it shifts focus to aviation, power, and renewable energy, the company is betting the massive reorganization will strengthen its balance sheet.
4. US consumer confidence slipped in June. Households are increasingly on edge about income prospects, a survey by the Conference Board showed. Economists said trade war jitters could be to blame, according to Reuters.

And a look at the upcoming economic calendar:

• Monthly core durable goods and weekly crude numbers are out in the US.
• New Zealand announces rate decisions.
• The Bank of England releases its semiannual financial stability report.

NOW WATCH: Learning to celebrate failure at a young age led to this billionaire's success