By Yasin Ebrahim

Investing.com — The Dow climbed Tuesday, as a surge in energy and a u-turn in tech eased the stumble in consumer stocks following Target’s warning on profit. 

The rose 0.80%, or 264 points, the added 0.94%, and the  rose 0.9%.

Energy stocks increased by 60% this year. This was supported by higher oil prices and fears about a shortage of crude in light of the ease in Covid-19 in China, which many believe will boost demand.  

APA (NASDAQ :), ConocoPhillips (NYSE 🙂 Exxon Mobil (NYSE) were the sector’s biggest gainers. The latter was lifted by an upgrade of Evercore to outperform inline, attributing attractive valuations. From $88, the firm raised its target price for the stock from $88 to $120.

The tech stock market’s initial stumble was short-lived. Dip-buyers quickly jumped into the big tech sector to keep the overall market stable.

Apple (NASDAQ:), which was down about 2% in premarket trading, cut losses to end the day up nearly 2% as investors continued to mull the tech giant’s new product announcements from a day earlier including its buy now, pay later product revealed on Monday.

Consumer stocks were the sole sector in the red weighed down by a 2% fall in Target (NYSE:). As it ramps up its promotional activities to reduce inventory levels, Target has now reduced its margin guidance from 5.3% to 2.2% for the current quarter.  

Walmart (NYSE 🙂 is another retailer Best Buy (NYSE:) Each fell by about 1%

An rally in Novavax (NASDAQ:) pushed health care stocks higher after the drug maker’s two-dose Covid-19 vaccine took a huge step toward regulatory authorization in the U.S.

Other news: Robinhood Markets (NASDAQ:) dropped 4% due to reports by the U.S. Securities and Exchange Commission that they are close to creating an auction-styled trading system in order to boost competition for orders. This could be a blow to Robinhood, which heavily relies on market maker rebates and payments for orders.