More gains for makers of computer chips and other winners of the artificial-intelligence boom carried Wall Street higher Tuesday.
- The S&P 500 rose 65.92 points, or 0.9%, to 7,509.20.
- The Dow Jones Industrial Average rose 385.38 points, or 0.7%, to 52,224.64
- The Nasdaq composite rose 329.13 points, or 1.3%, to 25,837.21.
AI stocks once again were at the center of the action, and they rose for a second straight day after tumbling the week before, the
AP reports.
Micron Technology jumped 12.2% and added to its 1.9% gain from the day before, coming off its 13.3% drop from last week. Nvidia added 2%, and they were the two strongest forces lifting the S&P 500. The gains came despite more climbs for oil prices, and Brent crude oil briefly got near $92 per barrel for the first time in more than five weeks because of continued attacks between the United States and Iran. It later pared its gain to 2% and settled at $91.01. That's up from less than $72 early this month, which is roughly where it was before the war with Iran.
- Rising oil prices are threatening a reacceleration of inflation, just as price increases were slowing more than economists expected. That in turn could push the Federal Reserve and other central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments.
On Wall Street, several stronger-than-expected profit reports from big US companies helped stocks to strengthen despite the added pressure. 3M climbed 7.3% after topping analysts' expectations for both profit and revenue in the latest quarter. It also raised its forecast for profit over the full year of 2026. Hasbro rallied 8.8% after the toy maker said its Magic: The Gathering game topped $500 million in revenue for a quarter for the first time. It also raised its revenue forecast for the year. General Motors cruised 4.9% higher after the automaker's profit and revenue for the latest quarter beat analysts' expectations and CEO Mary Barra said demand in North America remains strong.
- They helped offset a drop for Danaher, which slid 11% even though it likewise topped analysts' expectations for profit and revenue. Analysts pointed to its forecast for an underlying measure of revenue growth for the summer, which was weaker than Wall Street expected.
- Homebuilder DR Horton slipped 0.9% despite topping profit and revenue expectations for the latest quarter. Executive Chairman David Auld said it's still feeling the effects of affordability concerns in the housing market and caution among potential homebuyers. Mortgage rates have already climbed to their highest level in nearly a year because of higher Treasury yields in the bond market. That could force DR Horton to offer more incentives to homebuyers in the current quarter, which would cut into its profits.
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