Stocks on the New York Stock Exchange rose on Tuesday as tech stocks rebounded. The tech-heavy Nasdaq Composite surged by 1.2%, while the benchmark S&P 500 advanced by 0.7%. The Dow Jones Industrial Average edged higher by 0.2%.
Chipmaking giant Nvidia was one of the big winners during the trading session, with its stock gaining 4%, while “Magnificent Seven” stocks Amazon, Apple, and Google parent company Alphabet Inc posted gains as well.
In contrast, oil prices retreated as tensions in the Middle East appeared to somewhat ease over the past few days in relation to earlier in October. The price of oil was also affected by China’s failure to roll out a large stimulus package that was widely anticipated by investors.
As a result of the increasingly favorable economic outlook, New York Federal Reserve President John Williams claimed that the Fed’s policy is “well positioned” to take the economy on the right track.