US stocks edge higher to another record close, even as Trump threatens Europe with more tariffs

REUTERS/Lucas Jackson

• The S&P 500 edged slightly higher on Tuesday and notched a record closing high, even after the Trump administration's new threat to expand tariffs on European goods.
• Energy badly lagged the market as the worst-performing sector amid falling oil prices.
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Stock markets in the US edged higher on Tuesday to cap off a quiet session for the stock market.

The S&P 500 logged its second record close in as many days, even as the Trump administration threatened to expand tariffs on European goods and oil prices plunged.

West Texas Intermediate crude oil and Brent crude oil both plunged by more than 3% after OPEC and other supply-cutting countries, led by Russia, finalized plans to prop up oil prices.

Here's where the US markets closed on Tuesday:

• The S&P 500 rose 0.3% to 2,973.07.
• The Dow Jones Industrial Average rose 0.3% to 26,786.75.
• The Nasdaq Composite rose 0.2% to 8,109.09.

Meanwhile, the Dollar Index, which measures the greenback's strength agaist a basket of foreign currencies, slipped.

"That was quick!" Kathy Lien, a foreign-exchange strategist in New York at BK Asset Management, wrote in a note to clients on Tuesday. "After rising strongly on Monday, the U.S. dollar traded lower against all of the major currencies as G20 optimism gave way to fresh uncertainties."

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These were the biggest gainers in the S&P 500:

• L3Harris Technologies rose 4%.
• HCP rose 3%.
• Interpublic Group rose 3%.

Shares of defense giant L3 Harris Technologies - the recently merged L3 Technologies and Harris Corporation - jumped on Tuesday in their second day of trading on the New York Stock Exchange.

HCP, the California-based real estate investment trust, rose along with the broader real estate space as the best-performing sector of the session. Utilities, a traditionally defensive space, was the second-best performer, followed by communications services.

Meanwhile shares of Interpublic Group, the New York-based advertising giant, surged to its highest level in nearly one month.

And here were the S&P 500's biggest decliners:

• Apache fell 6%.
• EOG Resources fell 5%.
• Valero Energy fell 5%.

The market's biggest laggards could all be found in energy space. Apache, EOG Resources, and Valero, slipped as oil prices fell.

Stock markets in the US are set to close early on Wednesday ahead of the July 4 holiday.

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