Advertisment
Stocks rose on Tuesday, boosted by gains in bitcoin and technology names, as traders recovered some of the ground lost in the previous session.
The Dow Jones Industrials recovered 185.13 points to end Tuesday at 47,474.46.
The S&P 500 Index claimed 16.74 points to 6,829.37
The NASDAQ surged 137.25 points to 23,413.67.
Bitcoin rose around 7% Tuesday, recouping some of its losses from the prior day. Tech players linked to the artificial intelligence trade supported the broader market as well.
AI chip darling Nvidia increased almost 1%, while AI infrastructure play Credo Technology soared 12% and hit an all-time high on the back of better-than-expected earnings.
AI chip darling Nvidia increased nearly 2%.
Astera Labs followed Credo higher, gaining around 6%.
The major U.S. indexes began the week in the red, ending five-day win streaks on Monday.
Risk-off sentiment has pressured the bull market in recent weeks as worries of persistent inflation, elevated valuations and returns on artificial intelligence spending weigh on investors.
Although November was a mixed month for stocks, investors are watching for catalysts that could lead to a year-end rally.
Traders are currently optimistic that the Federal Reserve will announce an interest rate cut on Dec. 10 at conclusion of its next policy meeting.
Markets are pricing a more than 87% chance of a cut during the upcoming meeting, which is much higher than the odds from mid-November.
The 10-year Treasury gained, lowering yields to Monday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices shed 64 cents to $58.68.
Gold prices dropped $31.70 to $4,243.10.
