NEW YORK, New York - A slowing of wages growth in the fourth quarter, as reported by the Labor Department, pushed U.S. stocks higher Tuesday.
Labor costs are still high, but this means costs have come down, and that is a key factor for future wage inflation. The Nasdaq Composite went up 190.74 points or 1.67 percent to close Tuesday at 11,584. The Standard and Poor's 500 went up 58.83 points or 1.46 percent to 4,076, down 58.83 points or 1.46 percent. The Dow Jones industrials went up 368.95 points or 1.09 percent to 34,086, up 368.95 points or 1.09 percent. The U.S. dollar was steady on Tuesday. The euro was close to 1.0862 at the U.S. close. The British pound was softened to 1.2317. The Japanese yen was little changed at 130.20. The Swiss franc increased to 0.9161.
The Canadian dollar was up to 1.33090. The New Zealand dollar was steady at 0.6462.
The overseas equity markets were mostly flat to lower. In Germany, the Dax was flat, rising just 0.01 percent Tuesday. The Paris-based CAC 40 mirrored Germany's bourses, rising by just 0.01 percent. The FTSE 100 dropped 0.17 percent in London.
Asian markets closed in response to the falls on Wall Street on Monday. The Nikkei 225 was off 0.39 percent Tuesday in Tokyo. In Hong Kong, the Hang Seng declined by 1.03 percent. China's Shanghai Composite fell by 0.42 percent.
The Australian All Ordinaries fell by 0.19 percent. Indonesia's Jakarta Composite retreated 0.48 percent. The Singapore Straits Times index dropped 0.37 percent.
The S&P NZX 50 fell 0.55 percent in New Zealand. South Korea's Kospi Composite was down 1.04 percent.