The Dow Jones Industrial Average rose on Tuesday as a number of upbeat earnings reports and a drop in oil prices overshadowed recent pressure seen among artificial intelligence-related stocks.
Shares of industrial and safety products producer 3M offered a boost to the Dow, jumping more than 5% following better-than-expected earnings results and a full-year guidance raise. Shares of aerospace and defense company Northrop Grumman also advanced 6% after it posted an earnings beat.
The 30-stock index hung onto gains of 485.23 points to 52,451.26.
The S&P 500 index moved higher 28.2 points to 7,718.93.
The tech-heavy NASDAQ kept above water 46.82 points to 26,477.71.
The market has been weighed down as of late by worries about the sustainability of the AI trade, as debt and demand concerns grow. In fact, sentiment in tech took a hit earlier in the day after Korean AI firm Elice tumbled more than 30% overnight in its public market debut.
Prices for the 10-year Treasury gained ground, lowering yields to 5.12% from Monday’s 5.14%. Treasury prices and yields move in opposite directions.
Oil prices dropped 91 cents to $102.75 U.S. a barrel.
Gold prices sank six dollars to $4,165.10 U.S. an ounce.
