Broad gains led by technology stocks pushed Wall Street to more records on Tuesday.
- The S&P 500 rose 42.77 points, or 0.6%, to 6,944.82, setting a record on just the third trading day of the year.
- The Dow Jones Industrial Average rose 484.90 points, or 1%, to 49,462.08, hitting a record for a second straight day.
- The Nasdaq composite rose 151.35 points, or 0.6%, to 23,547.17.
The gains mirror much of the action from the previous year, when big technology stocks often drove the market to a series of records, the
AP reports. Markets get several updates on the job market this week that could shed more light on where the economy and interest rates are heading.
Amazon, which has reach into both retail and technology, surged 3.4%. It is one of the most valuable companies in the world and its outsized stock valuation helped counter losses elsewhere in the market, including a 1.8% loss from Apple. Micron Technology surged 10%, also helping to lift the market. Microsoft rose 1.2%. Nvidia, which is often the biggest force behind the market's direction, wavered throughout the day and finished 0.5% lower. Sandisk surged 27.6% for the market's biggest gain. The stock's value has jumped more than 800% since spinning off from Western Digital last February. The gains have been driven by artificial intelligence and the resulting demand for data-storage hardware. Western Digital rose 16.7%.
The price of benchmark US crude oil fell 2% to $57.13 per barrel, pulling back from sharp gains a day prior when the market reacted to US forces capturing Venezuelan President Nicolás Maduro in a weekend raid. The price of Brent crude, the international standard, fell 1.7% to $60.70 per barrel. Gold prices rose 1% and silver prices rose 5.7%. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.
On Wednesday, the US government will release its report on job openings for November. The October report showed that US job openings had barely budged. Weekly unemployment data will be released on Thursday and the broader monthly employment report, for December, will be released on Friday. Outside of the employment reports, the Institute for Supply Management will release its latest services sector update on Wednesday, while the University of Michigan will release its latest consumer sentiment survey Friday. They are both widely monitored because the services sector makes up the bulk of the US economy, and consumer sentiment has been shaky under the weight of higher prices and economic uncertainty.
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