Stocks Closed Modestly Higher after Weak ISM Report

U.S. stocks closed slightly higher Tuesday, with the tech-heavy Nasdaq logging a record close as investors digested a weak services-sector report, which might help convince the Federal Reserve to stay its hand as it considers raising interest rates. The Dow Jones Industrial Average rose 46.16 points, or 0.25%, to 18,538.12. The S&P 500 gained 6.50 points, or 0.30%, to 2,186.48. The Nasdaq Composite added 26.01 points, or 0.50% to 5,275.91.

A gauge of U.S. service-sector activity sank in August to its lowest level in more than six years. The Institute for Supply Management on Tuesday said its nonmanufacturing index fell to 51.4 in August from 55.5 in July, the lowest reading since February 2010, and well below a consensus expectation of 55.0 from economists surveyed by The Wall Street Journal.

Oil futures settled on a mixed note Tuesday, as traders eyed a pact between the world’s two largest crude producers, Russia and Saudi Arabia, aimed at stabilizing the market. October West Texas Intermediate crude rose 39 cents, or 0.9%, to settle at $44.83 a barrel. November Brent crude fell 37 cents, or 0.8%, to end at $47.26 a barrel.

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