The Dow recovered from a triple digit loss stemming from North Korea's missile test over mainland Japan. Fred Katayama reports.
The Dow bounced back to close higher Tuesday. It recovered from a deficit of more than 100 points stemming from North Korea's firing of a test missile over mainland Japan. Investors fled to safe haven assets like gold and Treasuries. But they later scooped up industrial and tech shares as Tropical Storm Harvey threatened refineries in the Gulf. Invesco's global market strategist Kristina Hooper. SOUNDBITE: KRISTINA HOOPER, GLOBAL MARKET STRATEGIST, INVESCO, (ENGLISH) SAYING: "I think that the market continues to shrug off risks even though it's fairly vulnerable given where the valuations are. Now one reason might be that there's growing sentiment that the hurricane may be cause for Democrats and Republicans to come together to agree upon a continuing resolution to fund the government that also has an emergency package for Texas and all areas affected by the hurricane." Investors not treating Best Buy shares as a best buy despite its strong earnings results and positive outlook. The electronics retailer warned not to consider its strong quarterly same-store sales increase as a "new normal". United Technologies shares rose. A source said the owner of jet engine maker Pratt & Whitney has made progress in its talks to buy aircraft parts maker Rockwell Collins. Rockwell's shares also higher. Dragging on the Dow: Nike. Several brokerages cut its price target. FBR downgraded the stock to "neutral" from "buy". The tensions over North Korea sent European shares down to their lowest level in six months.