Traders work on the floor of the New York Stock Exchange.
new york stock exchange
of Dow Jones Industrial Average It rose to an all-time high on Tuesday as falling oil prices drove investors away from chipmakers and into cyclical stocks.
The 30-stock index rose 328.64 points (0.64%) to close at a record high of 51,999.67. The session hit a new intraday high of 52,190.29. of S&P500 It fell 0.57% to end at 7,511.35. Nasdaq Composite It fell 1.15% to 26,376.34.
The tech-heavy Nasdaq fell on Tuesday, with many semiconductor stocks suffering losses. advanced micro device While it fell more than 7%, broadcom It fell 4%. micron technology 6% reduction. Nvidia Lost more than 2%.
In other regions, crude oil prices widened their decline from the previous business day. brent crude oil futures The stock fell 5.06% to close at $78.96 per barrel. us West Texas Intermediate Futures It fell 5.82% to $76.05 per barrel. This is the first time since early March that both prices have fallen below $80 per barrel.
As oil prices fall further, caterpillar While the industrial sector occupied the top position, JP Morgan Chase It was among the top among banks as investors bet that lower energy prices would spur the U.S. economy to reaccelerate. Caterpillar rose more than 1% and JPMorgan rose more than 3%.
space x Additionally, the pop rate remains outstanding at nearly 5%, which has fueled the stock’s sharp rise since going public last week. The profitable SpaceX at one point surpassed both Microsoft and Amazon in market capitalization during the session. The company’s initial public offering price was $135. The closing price was $201.80.
The major averages are building on a winning session from Monday, which occurred shortly after President Donald Trump announced that the United States and Iran had reached a deal to end the Middle East war. Pakistan Prime Minister Shehbaz Sharif said both sides had declared a suspension of military operations on all fronts and an official signing ceremony would be held in Switzerland this Friday.
President Trump also said the crucial Strait of Hormuz shipping lane would reopen on Friday, sending oil prices down nearly 5% on Monday. He then revealed on Tuesday that tolls across the Strait would remain free beyond the initial 60-day period.
“We’re not out of the woods yet,” said Andy Goldberg, chief investment strategist at Nomura Asset Management International.
He added: “A sudden drop in oil prices would reduce headline inflation, but at the same time it would put a lot of money back into consumers’ pockets at a time when they were feeling pretty good. That could drive inflation even higher.” “Warsh (Federal Reserve Chairman Kevin) is having a hard time maintaining balance.”
