(MENAFN) American equities posted solid advances on Tuesday's session, driven by a resurgence in technology shares and a cryptocurrency market rebound.

The Dow Jones Industrial Average climbed 0.39%, adding 185.13 points to settle at 47,474.46.

The Nasdaq surged 0.59%, gaining 137.75 points to reach 23,413.67, while the S&P 500 rose 0.25%, up 16.74 points to finish at 6,829.37.

The Volatility Index (VIX), commonly referred to as the "fear index," declined 3.77% to 16.59.

Market momentum stemmed from Bitcoin's recovery alongside strengthening technology sector performance. The digital currency soared over 6% during Tuesday's trading, clawing back substantial ground lost in the previous session.

Technology companies linked to the artificial intelligence boom provided significant market support. Nvidia registered nearly a 1% gain, while Credo Technology, an AI infrastructure specialist, skyrocketed 10.1% to an all-time peak following earnings that exceeded analyst projections.

Growing anticipation of another Federal Reserve interest rate reduction in December further fueled equity optimism. The CME FedWatch tool indicates investors now assign an over 89% probability to a cut.

Market observers highlighted that chances of a 25-basis-point decrease have strengthened after dovish commentary from multiple Fed policymakers, with recent economic indicators providing justification for additional monetary easing.

Meanwhile, President Donald Trump announced Tuesday his intention to reveal his nominee for the next Federal Reserve chair in early 2025.

"We'll be announcing somebody, probably early next year, for the new chairman of the Fed," Trump said during a Cabinet meeting at the White House.

He subsequently identified White House National Economic Council Director Kevin Hassett as a "potential Fed chair."

In corporate developments, aerospace manufacturer Boeing's stock jumped 10.2% after projecting increased deliveries of its 737 and 787 aircraft models throughout next year.

Warner Bros. Discovery shares advanced 2.8% amid reports that Netflix submitted a predominantly cash proposal for the company's entertainment and streaming operations in a second bidding round.

Conversely, Procter & Gamble's stock slipped 1.1% after Chief Financial Officer Andre Schulten told a conference that the company's US sales fell significantly in October and that he expected no change in November.

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