US stocks edge higher as investors weigh vaccine hopes against fallout from Capitol riots

US stocks edge higher as investors weigh vaccine hopes against fallout from Capitol riots

A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the NYSE.
Thomson Reuters

US stocks eked minor gains on Tuesday as investors bet on stimulus and COVID-19 vaccines to fuel a swift economic rebound.

Still, stocks' lofty valuations dragged on sentiments. Facebook and Twitter tumbled for a second straight day after both companies banned President Trump for his role in last week's Capitol riots.

Bitcoin recovered slightly from its Monday nosedive but remains well below the records it hit last week.

Oil prices gained as the US dollar weakened against currency peers. West Texas Intermediate crude rose as much as 1.9%, to $53.28 per barrel.

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US stocks gained slightly on Tuesday as stimulus and vaccine hopes slightly outweighed concerns over the latest developments in Washington.Hopes for widespread vaccination and Biden-backed stimulus continue to lock horns with stocks' lofty valuations. Fallout from last week's violent riots at the Capitol continues to weigh on market sentiments and social-media stocks. Democrats are set to vote to impeach President Donald Trump for inciting the insurrection on Wednesday.Energy and materials stocks led the S&P 500 to its mild gain. Health care stocks sank, as did the communications companies that led Monday's decline.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:
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