Stocks rise and approach records on Wall Street
NEW YORK (AP) — Stocks rose on Wall Street Tuesday afternoon and approached more all-time highs.
The S&P 500 added 0.6% and is hovering around the record it set in late December. The Dow Jones Industrial Average rose 483 points, or 1%, after setting a record on Monday. The Nasdaq composite rose 0.6% as of 2:01 p.m. Eastern.
Big tech companies were making some of the most notable moves.
Amazon, which has reach into both retail and technology, surged 3.9%. It is one of the most valuable companies in the world and its outsized stock valuation helped counter losses elsewhere in the market, including a 1.7% loss from Apple.
AP AUDIO: Wall Street rises on Big Tech gains and approaches records
Wall Street is rising, with big technology companies behind much of the market’s gains. The AP’s Seth Sutel reports.
Micron Technology rose 7.8%, also helping to lift the market.
Nvidia, which is often the biggest force behind the market’s direction, wavered throughout the day and was up most recently by 0.1%.
Sandisk surged 23% for the market’s biggest gain. The stock’s value has jumped more than 800% since spinning off from Western Digital last February. The gains have been driven by artificial intelligence and the resulting demand for data-storage hardware. Western Digital rose 15.8%.
Technology companies, especially those focused on artificial intelligence, are being closely watched this week during the industry’s annual CES trade show in Las Vegas.
AI advances helped propel the broader market to a series of records in 2025. Investors will be watching companies for any updates that could shed more light on the big corporate investments in AI technology.
The price of benchmark U.S. crude oil fell 1.4%, pulling back from sharp gains a day prior when the market reacted to U.S. forces capturing Venezuelan President Nicolás Maduro in a weekend raid.
Treasury yields rose in the bond market. The yield on the 10-year Treasury climbed to 4.18% from 4.15% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, rose to 3.48% from 3.45% late Monday.
Gold prices rose 1% and silver prices rose 5.7%. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.
Markets in Europe and Asia gained ground.
Outside of company announcements, Wall Street is preparing for several updates on the U.S. labor market this week, along with reports on the services sector and consumer sentiment. They will help paint a clearer picture of how vital parts of the economy closed out 2025 and the direction they could take in 2026.
On Wednesday, the U.S. government will release its report on job openings for November. The October report showed that U.S. job openings had barely budged. Weekly unemployment data will be released on Thursday and the broader monthly employment report, for December, will be released on Friday.
Outside of the employment reports, the Institute for Supply Management will release its latest services sector update on Wednesday, while the University of Michigan will release its latest consumer sentiment survey Friday. They are both widely monitored because the services sector makes up the bulk of the U.S. economy, and consumer sentiment has been shaky under the weight of higher prices and economic uncertainty.
The Fed will be analyzing all of that data and more ahead of its next meeting in late January. The central bank cut its benchmark interest rate three times late in 2025 to try and counter the economic impact of a softer jobs market. Lower interest rates on loans can help bolster economic activity.
Cutting rates also risks fueling inflation at a time when it remains stubbornly above the Fed’s 2% target and could potentially reheat. Rising inflation could counter any benefit from lower interest rates and weigh more heavily on the economy.
Wall Street expects the Fed to hold interest rates steady at its January meeting.
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AP business writers Elaine Kurtenbach and Matt Ott contributed to this report.