(Sharecast News) - Wall Street stocks closed higher on Tuesday, as major indices attempted to recover from a soft start to December trading in the previous session.
At the close, the Dow Jones Industrial Average was 0.39% higher at 47,474.46, while the S&P 500 advanced 0.25% to 6,829.37 and the Nasdaq Composite came out of the gate 0.59% firmer at 23,413.67.
The Dow closed 185.13 points higher on Tuesday, taking a bite out of losses recorded on Monday as tech stocks and cryptocurrency volatility weighed on sentiment.
Tuesday's gains come after major indices snapped a fiveday winning streak on Monday as riskoff sentiment continued to weigh. Concerns over sticky inflation, stretched valuations and returns on artificial intelligence investments saw tech heavyweights Alphabet, Palantir and Broadcom come under pressure and cryptocurrencies extend their slide, with bitcoin turning in its worst single day performance since March.
However, sentiment got a boost after Bitcoin rose to trade above $91,000, just 24 hours after recording its worst daily performance since March, tumbling to as low as $84,000 each. Crypto-linked names like Coinbase and Robinhood also traded higher.
Looking ahead, traders remain hopeful of policy support, with markets now pricing a roughly 89% chance of a Federal Reserve rate cut at the conclusion of its 10 December meeting.
Beyond interestrate speculation, the central bank also drew attention on Tuesday as Federal Reserve vice chair Michelle Bowman told lawmakers she was working on new rules for banks and stablecoins, with regulators aiming to safeguard competition between Wall Street, fintechs and crypto firms.
"As a regulator, it is my role to encourage innovation in a responsible manner, and we must continuously improve our ability to supervise the risks to safety and soundness that innovation presents," Bowman said.
In the corporate space, Marvell Technology traded sharply higher on the back of its data centre growth projections, while American Eagle Outfitters also rallied after the retailer hiked its full-year guidance as it said the all-important holiday season got off to a solid start.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $204.22 10.15%
Intel Corp. (INTC) $43.47 8.65%
Caterpillar Inc. (CAT) $580.53 2.54%
Cisco Systems Inc. (CSCO) $76.87 1.09%
Apple Inc. (AAPL) $286.19 1.09%
Salesforce.Com Inc. (CRM) $235.40 0.81%
Walmart Inc. (WMT) $111.76 0.79%
Microsoft Corp. (MSFT) $486.74 0.67%
3M Co. (MMM) $171.40 0.63%
Goldman Sachs Group Inc. (GS) $816.12 0.54%
Dow Jones - Fallers
Walt Disney Co. (DIS) $105.39 -1.82%
Coca-Cola Co. (KO) $70.57 -1.78%
Chevron Corp. (CVX) $150.21 -1.50%
International Business Machines Corporation (CDI) (IBM) $304.61 -1.27%
Procter & Gamble Co. (PG) $144.38 -1.07%
McDonald's Corp. (MCD) $299.98 -0.94%
Home Depot Inc. (HD) $352.39 -0.92%
Merck & Co. Inc. (MRK) $100.91 -0.79%
Nike Inc. (NKE) $64.79 -0.70%
Travelers Company Inc. (TRV) $288.79 -0.68%
S&P 500 - Risers
CenturyLink Inc. (LUMN) $8.94 10.25%
Boeing Co. (BA) $204.22 10.15%
Intel Corp. (INTC) $43.47 8.65%
Microchip Technology Inc. (MCHP) $53.43 6.14%
Estee Lauder Co. Inc. (EL) $99.74 5.21%
Booking Holdings Inc. (BKNG) $5,135.07 4.97%
Texas Instruments Inc (TXN) $175.26 4.22%
Applied Materials Inc. (AMAT) $265.33 4.15%
Skyworks Solutions Inc. (SWKS) $65.83 3.66%
J.B. Hunt Transport Services Inc. (JBHT) $185.73 3.34%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $61.11 -10.24%
Packaging Corp. Amer (PKG) $191.88 -5.26%
International Paper Co. (IP) $37.75 -3.42%
McKesson Corp. (MCK) $829.46 -3.17%
Mattel Inc. (MAT) $20.32 -3.05%
AutoZone Inc. (AZO) $3,848.68 -3.05%
Best Buy Co. Inc. (BBY) $74.41 -3.04%
Leggett & Platt Inc. (LEG) $11.69 -2.85%
Ralph Lauren Corp (RL) $357.86 -2.73%
Cencora Inc (COR) $348.96 -2.62%
Nasdaq 100 - Risers
Intel Corp. (INTC) $43.47 8.65%
Microchip Technology Inc. (MCHP) $53.43 6.14%
Booking Holdings Inc. (BKNG) $5,135.07 4.97%
Texas Instruments Inc (TXN) $175.26 4.22%
Applied Materials Inc. (AMAT) $265.33 4.15%
Skyworks Solutions Inc. (SWKS) $65.83 3.66%
J.B. Hunt Transport Services Inc. (JBHT) $185.73 3.34%
Align Technology Inc. (ALGN) $150.93 2.87%
KLA-Tencor Corp. (KLAC) $1,189.86 2.82%
Cadence Design Systems Inc. (CDNS) $309.62 2.69%
Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $159.99 -2.17%
Biomarin Pharmaceutical Inc. (BMRN) $53.89 -2.07%
Henry Schein Inc. (HSIC) $71.67 -1.97%
NetEase Inc. Ads (NTES) $142.30 -1.83%
Monster Beverage Corp (MNST) $74.71 -1.63%
Kraft Heinz Co. (KHC) $24.96 -1.62%
O'Reilly Automotive Inc. (ORLY) $99.84 -1.38%
Hasbro Inc (HAS) $81.65 -1.26%
Seagate Technology Plc (STX) $266.87 -1.20%
Broadcom Inc. (AVGO) $386.08 -1.17%
16.48 (0.16%)
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