Wall Street Closes with Gains; Tech Stocks Lead the Way
The three main Wall Street indices closed with gains on Tuesday, as a softening of cautious sentiment allowed investors to capitalize on recent declines, particularly in technology stocks.
The Dow Jones Industrial Average, made up of 30 major companies, rose 0.30% to 42,080.37 points. The S&P 500, which tracks 500 stocks, gained 0.97% to 5,751.13 points. Meanwhile, the tech-heavy Nasdaq Composite climbed 1.45% to 18,182.92 points.
Oil prices dropped following a significant spike the day before, which was driven by supply concerns amid rising tensions in the Middle East. With no immediate response from Israel to a missile attack from Iran, investors were able to relax as oil prices fell.
Sector-wise, the biggest gains were seen in technology (up 2.12%), communications (1.07%), and consumer discretionary (1.04%), while energy (-2.63%) performed the worst. In the Dow Jones, Intel (up 4.20%) and Salesforce (up 2.46%) were standout performers.
As the earnings season kicked off, PepsiCo shares rose 1.92% after reporting better-than-expected profits, despite revealing a drop in sales and adjusting its full-year earnings guidance.
NVIDIA extended its Monday gains, surpassing Microsoft to become the world’s second most valuable company. The stock, which closed at $132, is approaching its all-time high closing price of $135.57, set on June 18. Its highest intraday record of $140.76 was reached on June 20. NVIDIA shares have more than doubled in value this year, recovering from a summer dip.
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