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The S&P 500 rose on Tuesday following a winning day on Wall Street thanks to gains in artificial intelligence-linked names and renewed hopes of a Federal Reserve interest rate cut.
The Dow Jones Industrials shot higher 485.82 points, or 1.1%, to 46,934.09.
The much-broader index regrouped 36.1 points to 6,741.26.
The NASDAQ surged 28.23 points to 22,900.24.
The stock market is closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Nvidia shares were down more than 6% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares rose more than 2% on the report.
Monday marked a strong session for the three major averages. The S&P 500 gained about 1.6% on Monday, while the NASDAQ jumped 2.7% and recorded its best day since May 12 as major tech names rebounded after what’s been a tough month for the sector.
The Dow closed higher by more than 200 points, or 0.4%, meanwhile.
Nvidia shares were down more than 4% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips.
Alphabet extended its gains Tuesday from the previous session, which saw the Google parent score a new record high and the NASDAQ record its best day since mid-May.
Chipmaker Broadcom was the S&P 500's biggest gainer Monday after the stock surged more than 11%.
Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses.
Separately, traders continue to watch for any news that can affect the Federal Reserve’s upcoming monetary policy decision. Markets are pricing in a more than 80% chance of a quarter percentage point cut from the Fed in December,
Prices for the 10-year Treasury gained ground, lowering yields to 4% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.14 to $57.70 U.S. a barrel.
Gold prices brightened $46.20 to $4,140.40 U.S. an ounce.
