Stocks moved higher on Tuesday following a strong session in which traders shrugged off a breakdown in peace talks between the U.S. and Iran, while optimistic that a deal between the two countries was still possible.
The Dow Jones Industrials popped 317.74 points to close Tuesday at 48,535.99.
The S&P 500 jumped 81.15 points, or 1.7%, to 6,967.38.
The NASDAQ flew 455.35 points, or 2%, to 23,639.08.
Technology stocks supported the broader market for another day. Oracle, for example, rose 4%, building on the more than 12% gain it saw in the prior trading day. Nvidia and Palantir Technologies also continued their climb.
Still, shares of some companies came under pressure after the release of fresh earnings results. Wells Fargo posted disappointing numbers, pushing the stock down more than 5%.
JPMorgan Chase reported better-than-expected Q1 figures, but it cut its net interest income guidance. That sent the stock marginally lower.
Wall Street once again proved resilient in the face of increased geopolitical uncertainty. When it comes to Iran, some experts are optimistic that the conflict is not going to last into the second half of the year.
A White House official told the media Tuesday that a second round of U.S.-Iran negotiations is under discussion. To be sure, nothing has been officially scheduled for now.
Also helping sentiment was the release of March’s producer price index reading, as the index rose much less than expected on the month.
Prices for the 10-year Treasury hiked, lowering yields to 4.25% from Monday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices tanked $7.12 to $91.96 U.S. a barrel.
Gold prices shone brighter $98.60 to $4,866.00 U.S. an ounce.
