US Stocks Defy Iran Sanctions Concerns

U.S. stocks shrugged off concerns over Iran sanctions and the breakdown of the U.S.-Canada trade deal, closing higher on Tuesday. The Standard and Poor's 500 added 24.34 points, or 0.32 percent, to settle at 7,677.20, while the Dow Jones Industrial Average climbed 160.01 points, or 0.30 percent, to close at 53,577.17.

The tech-heavy NASDAQ Composite outperformed its peers, surging 171.11 points, or 0.66 percent, to end the day at 26,151.30. Chinese Foreign Ministry spokesperson Lin Jian criticized the U.S. sanctions, saying they would only 'further intensify contradictions and conflicts'.

Investors appeared to focus on corporate earnings optimism and expectations that the Federal Reserve may signal a more accommodative stance in upcoming policy communications. The dollar's modest weakness against most majors underscores a cautious optimism in global markets, though the yen's continued slide remains a point of focus.