US stocks extended their gains on Tuesday as expectations of multiple interest rate cuts by the Federal Reserve continued to support the outlook for earnings growth.
The Dow rose 500 points and the S&P 500 rose 1% to new records, while the Nasdaq 100 added nearly 1%. Chip producers were sharply higher, gaining traction after having underperformed last session as investors continued to gauge risks of overvaluations in the sector.
Micron, Texas Instruments, Analog Devises, and NXP rose between 6% and 8%. Healthcare also rebounded, with Eli Lilly and United adding 1% and 2%, respectively. Markets remained unfazed by geopolitical uncertainty stemmed by the US capture of Venezuelan President Maduro.
Chevron, the only US company that operates in Venezuela, pared yesterday's gains with a 3% loss, while refiners that have infrastructure fit for heavy crude in the Gulf Coast moved lower. Phillips 66, Valero, and Marathon Petroleum lost more than 1%.(Cay)
Source: Trading Economi
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