US Stocks Hit Record Highs
(MENAFN) US equities reached record closing levels for a second straight day on Tuesday, propelled by a series of artificial intelligence (AI) agreements, optimism surrounding US President Donald Trump's forthcoming meeting with Chinese President Xi Jinping, and heightened expectations for Federal Reserve rate reductions.
The Dow Jones Industrial Average advanced 0.34%, or 161.78 points, ending at an unprecedented high of 47,706.37.
The Nasdaq rose 0.80%, or 190.04 points, closing at a historic peak of 23,827.49, while the S&P 500 gained 0.23%, or 15.73 points, reaching another record of 6,890.89.
Investor sentiment was bolstered by news including Nvidia's investment in Nokia, OpenAI's transition into a for-profit entity, ongoing US-China trade discussions, and rising expectations for Fed rate cuts.
Nvidia was the top performer, climbing roughly 5% and establishing a new record.
During its GTC conference on Tuesday, the company revealed multiple updates, including its partnership with Finnish firm Nokia.
Nokia stated that it will utilize the $1 billion proceeds from selling shares to Nvidia to partially fund its AI projects.
Microsoft shares rose 2% ahead of its earnings report on Wednesday. The company's market capitalization, alongside Apple's, surpassed $4 trillion on Tuesday.
OpenAI announced that it has completed its recapitalization, which will benefit Microsoft, as it now holds about 27% of the for-profit company OpenAI Group PBC.
Shares of global logistics and shipping company UPS surged 8% following the release of stronger-than-expected third-quarter earnings and revenue. The company also disclosed that it had cut 48,000 positions this year.
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