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U.S. Stocks End Tuesday on All-Time Highs
(MENAFN) U.S. equity markets surged to record levels for a second straight day Tuesday, fueled by a wave of artificial intelligence (AI) developments, optimism over easing trade tensions, and growing expectations of Federal Reserve rate cuts ahead of President Donald Trump’s scheduled meeting with Chinese President Xi Jinping.
The Dow Jones Industrial Average gained 0.34%, or 161.78 points, closing at an all-time high of 47,706.37. The Nasdaq climbed 0.80%, or 190.04 points, to a record 23,827.49, while the S&P 500 rose 0.23%, or 15.73 points, reaching a new high of 6,890.89.
Investor sentiment was buoyed by a series of notable AI-related announcements and trade developments. Nvidia led the rally, climbing about 5% to a record high. At its GTC conference Tuesday, the company revealed several initiatives, including a partnership with Finnish technology firm Nokia, which will allocate $1 billion from its share sale to Nvidia toward AI projects.
Microsoft shares advanced 2% ahead of its earnings report Wednesday. Alongside Apple, the company’s market value exceeded $4 trillion on Tuesday. OpenAI also announced that it has completed its recapitalization, which will benefit Microsoft, as the tech giant now owns roughly 27% of the for-profit OpenAI Group PBC.
In other market news, global shipping and logistics company UPS saw its shares rise 8% after reporting third-quarter revenue and profit above expectations. The firm also disclosed it had cut 48,000 jobs this year.
Signs of a potential thaw in U.S.-China trade relations emerged over recent days ahead of the Trump-Xi meeting. Speaking from Air Force One Monday, Trump said: “I have a lot of respect for President Xi, and we are going to come away with the deal."
The Dow Jones Industrial Average gained 0.34%, or 161.78 points, closing at an all-time high of 47,706.37. The Nasdaq climbed 0.80%, or 190.04 points, to a record 23,827.49, while the S&P 500 rose 0.23%, or 15.73 points, reaching a new high of 6,890.89.
Investor sentiment was buoyed by a series of notable AI-related announcements and trade developments. Nvidia led the rally, climbing about 5% to a record high. At its GTC conference Tuesday, the company revealed several initiatives, including a partnership with Finnish technology firm Nokia, which will allocate $1 billion from its share sale to Nvidia toward AI projects.
Microsoft shares advanced 2% ahead of its earnings report Wednesday. Alongside Apple, the company’s market value exceeded $4 trillion on Tuesday. OpenAI also announced that it has completed its recapitalization, which will benefit Microsoft, as the tech giant now owns roughly 27% of the for-profit OpenAI Group PBC.
In other market news, global shipping and logistics company UPS saw its shares rise 8% after reporting third-quarter revenue and profit above expectations. The firm also disclosed it had cut 48,000 jobs this year.
Signs of a potential thaw in U.S.-China trade relations emerged over recent days ahead of the Trump-Xi meeting. Speaking from Air Force One Monday, Trump said: “I have a lot of respect for President Xi, and we are going to come away with the deal."
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