Stocks surged on Tuesday following the release of U.S. inflation data that was in line with expectations, providing a green light for investors to jump back into high-flying tech stocks like Nvidia and Meta Platforms.
The Dow Jones Industrial Average rose by 235.83 points, or 0.61%, closing at 39,005.49. The S&P 500 also saw gains, increasing by 1.12% to reach a new record high of 5,175.27, surpassing the previous peak set on March 7. The Nasdaq Composite experienced a strong uptick of 1.54% to finish at 16,265.64.
Chipmaker Nvidia saw a notable increase of over 7%, while Microsoft and Meta Platforms climbed 2.6% and 3.3%, respectively. Oracle also performed well, surging more than 11% after surpassing Wall Street earnings expectations.
Skyler Weinand, Chief Investment Officer at Regan Capital, commented, “[I]t’s proving difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction.”
Source (CNBC)
