STOCKS RALLY INTO THE CLOSE: Here's what you need to know

fighter jets

(REUTERS/Sergei Karpukhin)

Stocks staged a comeback after heading for what would've been a second straight selloff this week. The Dow fell more than 200 points and the S&P 500 went red for the year, but stocks firmed in the final 90 minutes of trading and closed near their highs of the day.

First, the scoreboard:

• Dow: 17,776.91, +93.33, (0.53%)

• S&P 500: 2,081.34, +12.58, (0.61%)

• Nasdaq: 4,997.46, +5.52, (0.11%)

And now, the top stories on Tuesday:

1. Oil turned green following a 4% drop. After plunging to a three-month low of around $50.75 per barrel, West Texas Intermediate crude rallied, touching $52.90. On Monday, crude fell more than 7%.

2. Other commodities got smoked. Gold fell more than $15 an ounce to the weakest in nearly three months, at around $1146.80. Until today, gold had shrugged the global market selloff following the Greek referendum vote on Sunday, and a strengthening US dollar. Silver dropped more than 4% to a seven-month low of $14.62. Platinum sank even lower after falling to a seven-year trough on Monday, and it touched $1,039.60 today.

3. The trade deficit widened 2.9% to $41.9 billion, less than expected, in May. Exports had the biggest fall in three months. Economists had forecast a deficit of $42.7 billion from $40.9 in April. In a note to clients after the data, Pantheon Macroeconomics' Ian Shepherdson wrote, "in one line: Trade will add to Q2 GDP growth, but core exports remain very weak."

4. Shake Shack shares fell 10% after Morgan Stanley analysts said the stock is too expensive. They cut their rating on the burger chain to "Underweight" from "Equal Weight." "While a powerful emerging brand executing on all its early commitments to its investors, [the] stock is overpriced, in our view, potentially reflecting both technical market dynamics as well as 'brand'-related optimism that is not supported by fundamentals," they wrote.

5. Deutsche Bank downgraded Tesla shares to "Hold" from "Buy" while raising their price target 14% to $280 from $245. They believe the company has tremendous growth ahead, but much of it is already factored into the share price. Tesla shares fell more than 4%.

6. Chinese stocks fell on Tuesday despite several measures authorities took over the weekend to rescue the market. On Monday, nearly 25% of all stocks stopped trading to "self preserve," state media reported. The Shanghai Composite index closed down 1.3%. On Saturday, the government announced a "market-stabilization fund" supported by about 21 Chinese brokerages, who pledged to buy shares worth around 120 billion yuan ($19.3 billion.)

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