Key facts
- The S&P 500 briefly surpassed its previous intraday record of 7,816.7 points.
- The index rose as much as 0.6% to 7,817.13 points.
- Optimism surrounding the AI trade and strong corporate earnings boosted US stocks.
- Megacap and growth stocks ticked higher on Tuesday morning.
- The Dow Jones Industrial Average rose 164.45 points, or 0.32%, to 51,432.35.
- The Nasdaq Composite gained 162.58 points, or 0.59%, to 27,639.89.
The benchmark S&P 500 index briefly touched an all-time intraday high on Tuesday, driven by optimism surrounding the AI trade and expectations of strong corporate earnings. This surge further bolstered the bull market that commenced in October 2022.
The index advanced as much as 0.6% to 7,817.13 points, surpassing its previous intraday record of 7,816.7 points set on August 13. The tech-heavy Nasdaq also traded at record levels.
Despite higher energy prices and a volatile summer in bond markets that raised concerns about tighter monetary policy, optimism around AI and corporate earnings has recently lifted US stocks. On Tuesday morning, most megacap and growth stocks saw gains as government bond yields retreated from multi-year highs and oil prices declined.
As of 09:31 a.m. ET, the Dow Jones Industrial Average was up 164.45 points, or 0.32%, at 51,432.35. The S&P 500 gained 37.77 points, or 0.48%, to 7,811.72, and the Nasdaq Composite added 162.58 points, or 0.59%, to 27,639.89.