Rebounding tech stocks drove U.S. indexes higher a day after they tumbled on doubts about whether the artificial-intelligence frenzy really needs all the dollars being poured into it.
The S&P 500 rose 0.9 percent Tuesday and clawed back more than half of its earlier drop. The Dow Jones Industrial Average added 0.3 percent, and the Nasdaq composite rallied 2 percent.
The spotlight remained on Nvidia, whose chips are powering much of the move into AI. It climbed nearly 9 percent. Treasury yields held relatively steady ahead of an announcement coming Wednesday about what the Federal Reserve will do next with short-term interest rates. Traders expect it to hold steady.
On Tuesday:
The S&P 500 rose 55.42 points, or 0.9 percent, to 6,067.70.
The Dow Jones Industrial Average rose 136.77 points, or 0.3 percent, to 44,850.35.
The Nasdaq composite rose 391.75 points, or 2 percent, to 19,733.59.
The Russell 2000 index of smaller companies rose 4.84 points, or 0.2 percent, to 2,288.86.
For the week:
The S&P 500 is down 33.54 points, or 0.5 percent.
The Dow is up 426.10 points, or 1 percent.
The Nasdaq is down 220.71 points, or 1.1 percent.
The Russell 2000 is down 18.88 points, or 0.8 percent.
For the year:
The S&P 500 is up 186.07 points, or 3.2 percent.
The Dow is up 2,306.13 points, or 5.4 percent.
The Nasdaq is up 422.79 points, or 2.2 percent.
The Russell 2000 is up 58.70 points, or 2.6 percent.
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