Ahead of the Federal Reserve’s September policy meeting, stocks increased on Tuesday in response to stronger-than-expected retail sales figures. With a 0.4% gain, the S&P 500 is now less than 0.5% from its record high.
The Dow Jones Industrial Average increased 77 points, or 0.2%, while the Nasdaq Composite gained 0.8%. The Dow, which consists of 30 stocks, reached a new peak.
Following a 10.7% increase in its quarterly dividend to 83 cents per share, Microsoft saw a more than 1% increase in value.
A $60 billion buyback program was approved by the corporation. Following the announcement by the company that it intends to create a subsidiary for its foundry business, Intel shares increased by 2.3%.
The business was granted funding of up to $3 billion by the Biden administration via the Chips Act.
Source (CNBC)
