S&P 500 and Nasdaq close at fresh records on AI rally
US stocks climbed to fresh record closing highs on Tuesday as the artificial intelligence trade continued.
The S&P 500 gained 0.58 percent to close at 7,818.95. The Nasdaq Composite rose 0.45 percent to 27,599.79. The Dow added 0.49 percent to 51,521.04.
The rally came despite pressure from rising interest rates and oil prices near $100 a barrel. The Federal Reserve raised rates by 25 basis points in September.
Nvidia approached a $6 trillion valuation after reaching a new all-time high. Marvell rose after raising its 2028 revenue forecast. AMD gained after its CEO promised more chip supply in 2027.
The S&P 500 is up about 14 percent this year, while the Nasdaq has gained nearly 19 percent. Tech companies tied to AI infrastructure are leading the gains.
Less than half of S&P 500 stocks now trade above their 200-day moving average. The market is running on one engine: big tech.
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