U.S. stocks closed higher Tuesday, but gains were limited as investors weighed an upbeat report on the American economy against Europe's ongoing debt issues. In U.S. news, the ISM Services index reading came in at a better-than-expected level. The index for May rose to 53.7. A reading of 50 indicates growth in the service sector, which makes up the majority of the U.S. economy. The dollar rose against the euro, the pound, and the yen. Light sweet crude oil for July delivery moved up 31 cents to $84.29 a barrel on the New York Mercantile Exchange. Gold futures gained $3 to $1,616.90 an ounce. The Dow Jones industrial average rose 26.49, or 0.22 percent, to 12,127.95. Financial stocks were among the biggest gainers of the day. Shares of JPMorgan Chase, Bank of America, and Morgan Stanley gained between 3 percent and 4 percent. The broader Standard & Poor's 500 index increased 7.32, or 0.57 percent, to 1,285.50. The technology-heavy Nasdaq composite index rose 18.1, or 0.66 percent, to 2,778.11.
