On the very first trading day of a new year, stocks pushed higher. The Dow Jones Industrial Average opened the day with a 115-point gain. About halfway through Tuesday's session, the blue-chip index was higher 0.14%. The S&P 500 gained about 0.6% and the Nasdaq rallied over 1%. Technology, consumer discretionary and healthcare stocks led the market.
Tuesday's moves tee Wall Street up for its fourth day of gains in five. The run comes as the U.S. dollar continues on its worst slump since 2003. Compared to a basket of six global currencies on the dollar index, the greenback slipped to near September lows on Tuesday.
BP PLC (BP) said on Tuesday that its fourth quarter earnings will be hit by a $1.5 billion one-off charge from recent changes in the tax code. The new tax legislation, which was passed late last month, lowered the corporate tax rate to 21% from 35%. BP shares fell on the news, but the company said future earnings will be positively impacted by the tax changes.