Stocks climbed on Tuesday, supported by chipmakers, as investors looked through the latest developments in the Iran war to focus on corporate earnings updates.
The Dow Jones Industrials jumped 268.83 points to 52,108.00.
The S&P 500 regained 49.74 points to 7,493.02.
The NASDAQ Composite climbed 285.08 points, or 1.1%, to 25,793.16.
3M shares jumped more than 9% after the industrial giant’s second-quarter earnings came in better than expected. Additionally, General Motors reported a beat on the top and bottom lines for the second quarter, lifting the stock 3%.
The reporting period is off to a strong start. Of the roughly 66 S&P 500 names that have reported.
Big names set to report later this week include Alphabet, IBM and Tesla.
Semiconductors also gave a boost to the broader market. Marvell Technology jumped around 6%, along with Astera Labs, while Micron Technology gained 7%. Intel advanced more than 5%.
Prices for the 10-year Treasury backpedaled, raising yields to 4.62% from Monday’s 4.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.80 to $85.03 U.S. a barrel.
Gold prices zoomed $56.90 to $4.072.80 U.S. an ounce.
