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, yet were optimistic that a deal between the two countries was still possible.
The Dow Jones Industrials surged 230.22 points, or 2.2%, to 48,448.47.
The broader index jumped 47.27 points to 6,933.51
The NASDAQ popped 262.69 points, or 1.1%, to 23,447.66.
Technology stocks supported the broader market for another day. Oracle, for example, rose 7%, building on the more than 12% gain it saw in the prior trading day. Nvidia and Palantir Technologies also continued their climb.
Traders also navigated a slew of fresh corporate 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. The major averages posted solid gains to start the week even after U.S.-Iran negotiations over the weekend broke down. President Donald Trump also said Monday that, “We’ve been called by the other side.” He also said: “They’d like to make a deal very badly.”
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 inched higher, lowering yields to 4.28% from Monday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices tanked $6.18 to $92.90 U.S. a barrel.
Gold prices shone brighter $53.50 to $4,820.90 U.S. an ounce.
