- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,509+0.01%
- October 17, 202613°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,509+0.01%
- October 17, 202613°
US stocks rise on tech gains as S&P 500 posts record close
US stocks rose on Tuesday as technology shares gained and bond yields fell, with the S&P 500 closing above 7,800 points for the first time. The US goods and services trade deficit increased 13.7% in August to $105.6 billion.
Gains in technology shares and a decline in US Treasury yields eased pressure on stock valuations in US markets. The three major indexes ended Tuesday at record or elevated levels.
The S&P 500 rose 44.98 points, or 0.58%, to 7,818.93. The index thus closed above 7,800 points for the first time. The Nasdaq Composite gained 122.48 points, or 0.45%, to reach 27,599.79. The Dow Jones Industrial Average also rose 253.38 points to finish the day at 51,521.28.
Chip stocks drive indexes higher
Optimism about demand for artificial intelligence technologies prompted buying in chipmakers’ shares. Marvell Technology rose about 5.8%, Broadcom gained 3.7% and Advanced Micro Devices climbed 2.8%.
The yield on the 10-year US Treasury note fell by about 3 basis points to 5.281%. The decline, which followed the yield’s rise to multiyear highs on Monday, helped ease pressure on stock valuations.
Trade deficit reaches $105.6 billion in August
The US goods and services trade deficit rose 13.7% in August from a revised $92.8 billion in July to $105.6 billion.
Imports rose 4.3% in August to $420.8 billion, while exports increased 1.4% to $315.2 billion. Of the $6.2 billion increase in capital goods imports, $2.4 billion resulted from an increase in semiconductor imports.
Investors await Fed minutes
Investors focused on the minutes of the US Federal Reserve’s September meeting for more details on how policymakers assessed the decision to raise interest rates and the risks to inflation. The minutes are expected to be released on Wednesday.
Oil markets saw limited movement. Brent crude rose 0.26% to $100.58 a barrel, while West Texas Intermediate crude gained 0.01% to $89.44 a barrel.
European indexes also end higher
The pan-European STOXX 600 index rose 0.48% to 636.63 points.
The UK’s FTSE 100 rose 0.42% to 10,541.69 points, while Germany’s DAX gained 0.77% to reach 25,449.19. France’s CAC 40 also rose 0.40% to 7,865.07.
Italy’s FTSE MIB ended up 0.87% at 51,261.40, while Spain’s IBEX 35 closed 0.75% higher at 19,444.20.
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