NEW YORK, New York - Industrial stocks advanced on Tuesday while the tech sector took a back seat. Coca Cola rose almost 4 percent as the broader market held on to gains despite Fed Chair Jay Powell, in testimony to Congress, saying the Federal Reserve was in no rush to cut interest rates. 

U.S. stock markets ended a relatively quiet Tuesday session with mixed results. Trading volumes were robust across the board as investors reacted to a mix of cautious optimism and uncertainty ahead of upcoming economic data.

The Standard and Poor's 500 closed at 6,068.50, gaining 2.06 points, or 0.03 percent, on a hefty trading volume of 2.686 billion shares.

The Dow Jones Industrial Average also advanced, rising 123.24 points to finish at 44,593.65, up 0.28 percent, with a trading volume of 444.452 million shares supporting the rally.

In contrast, the NASDAQ Composite experienced a modest setback, sliding by 70.41 points to close at 19,643.86. This index fell by 0.36 percent, even as it saw the highest trading volume of 8.302 billion shares, reflecting a divergence in market sentiment among technology and growth-oriented stocks.

Market analysts noted that while the modest gains in the S&P 500 and Dow indicate some underlying strength, the decline in the NASDAQ Composite suggests that investors remain wary of potential volatility. With several economic reports and corporate earnings on the horizon, traders are expected to continue adopting a cautious stance in the coming days.

Global foreign exchange markets ended Tuesday on a mixed note as major currency pairs registered modest gains while a few experienced declines, reflecting ongoing investor caution amid evolving economic data. The U.S. Dollar Index eased 0.24 points to 108.08, a decrease of 0.22 percent, reflecting a slight weakening of the greenback.

The Euro proved resilient against the U.S. dollar with the EUR/USD pair climbing to 1.0365, up 0.57 percent. Similarly, the British pound strengthened significantly, as the GBP/USD pair rose to 1.2444, an increase of 0.65 percent, signaling renewed investor confidence in the currency amid ongoing global uncertainties.

On the other side of the spectrum, the U.S. dollar posted mixed results. Against the Japanese yen, the USD/JPY pair advanced to 152.54, up 0.36 percent. However, pressure on the greenback was evident in North America where the USDCAD rate slid to 1.4280, down 0.24 percent, amid improving market sentiment for commodity prices and regional economic factors.

Elsewhere, the dollar managed a slight gain against the Swiss franc. The USD/CHF pair edged up to 0.9130, registering an increase of 0.20 percent. In the Pacific region, both the Australian dollar and the New Zealand dollar showed modest strength against the U.S. dollar. The AUD/USD pair reached 0.6297, up 0.34 percent, while the NZD/USD pair improved to 0.5656, up 0.31 percent.

Market analysts observed that Tuesday's forex action was largely driven by a combination of encouraging economic reports and cautious sentiment among traders. "The steady gains in major pairs like EUR/USD and GBP/USD indicate a cautiously optimistic outlook among investors," one analyst noted. "However, the mixed performance across other pairs suggests that the global market remains sensitive to ongoing economic uncertainties."

As the week unfolds, traders and investors alike will be closely monitoring further economic data and geopolitical developments, which are expected to continue influencing currency movements and contributing to the overall volatility in the forex market.