The S&P 500 reached a new record high on Tuesday, supported by strong gains in major technology stocks and a decline in Treasury yields.
The broad-market index advanced 0.58% to finish at a record 7,818.93. The Dow Jones Industrial Average rose 253.38 points, or 0.49%, to close at 51,521.28. Meanwhile, the Nasdaq Composite gained 0.45% to end at a record 27,599.79, after also reaching a fresh intraday high.
Chip stocks were among the key drivers of the rally. Marvell Technology jumped 5.8%, while Advanced Micro Devices climbed nearly 3% as investor confidence in the companies’ growth prospects improved. Broadcom also posted a strong gain of 3.7%.
Oil prices were largely steady during the session. Brent crude edged up 0.26% to settle at $100.58 a barrel, while West Texas Intermediate futures were almost unchanged, rising 0.01% to $89.44 per barrel.
Investors are now turning their attention to the Federal Reserve’s September meeting minutes, due Wednesday. The minutes could provide further insight into policymakers’ decision to raise interest rates and offer clues about the central bank’s future policy direction.
Frequently Asked Questions
Why did the S&P 500 reach a new record high?
The S&P 500 gained 0.58%, supported by strong technology and semiconductor stocks and a decline in Treasury yields.
Which technology stocks led the market higher?
Marvell Technology rose 5.8%, Broadcom gained 3.7%, and AMD climbed nearly 3%, helping drive gains across the technology sector.
How did the Dow Jones and Nasdaq perform?
The Dow Jones Industrial Average rose 0.49% to 51,521.28, while the Nasdaq Composite gained 0.45% to close at a record 27,599.79.
What are investors watching next?
Markets are focused on the Federal Reserve’s September meeting minutes, which could provide clues about interest-rate policy and the Fed’s outlook.
