The S&P 500 on Tuesday hit a record, as the index rose for a fourth straight day, supported by rising technology stocks, declining oil prices and hopes for a positive earnings season.In early trading the broad-based index rose 0.6%, to its highest level since Aug.13.
The Nasdaq Composite also opened higher by 0.7%.It also hit a record high for the second time this week.
The Russell 2000 index, which tracks small and mid-size companies, rose 0.5% in early trading.The S&P 500 and Nasdaq’s gains were overwhelmingly powered by gains in tech companies, such as chipmaker Marvell, Palo Alto Networks and Dell Technologies.Nvidia, the world’s largest public company, also rose and moved closer to becoming the first company to ever reach $6 trillion in market value.Other trillion-dollar tech stocks also rose Tuesday.
Microsoft, Amazon, SpaceX, Broadcom and Tesla shares all traded in the green.Nvidia CEO Jensen Huang delivers the keynote address at the GTC AI Conference in San Jose, Calif., last year.Josh Edelson / AFP via GettyInvestors are also looking forward to the start of the third quarter’s earnings season, which begins in earnest next week with the country’s biggest banks reporting their results.“Heading into the start of the earnings season, analysts and companies have been more optimistic than normal in their earnings outlooks for the third quarter,” said FactSet senior earnings analyst John Butters.For SubscribersFOR SUBSCRIBERSThe FDA may soon approve its first psychedelic drug.But how to regulate it?FOR SUBSCRIBERSTheir town was ‘Almost Heaven.’ Residents say a proposed Buc-ee’s tore it apart.
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