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 rumbled higher 384.67 points to 52,223.93.
The S&P 500 bounced 65A.93 points to 7,509.21.
The NASDAQ Composite rocketed 329.13 points, or 1.3%, to 25,837.21.
3M shares jumped more than 7% 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 5%.
The reporting period is off to a strong start. Of the roughly 66 S&P 500 names that have reported, 500 names that have reported, nearly 88% have topped bottom-line estimates.
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 7%, while Astera Labs added 4%. Micron Technology advanced 12%, and Intel moved higher by 8%.
Prices for the 10-year Treasury backpedaled, raising yields to 4.63% from Monday’s 4.59%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.76 to $84.99 U.S. a barrel.
Gold prices zoomed $72.00 to $4.067.90 U.S. an ounce.
