NEW YORK: The S&P 500 gained 44.98 points, or 0.58%, to a record high of 7,818.93 on Tuesday, while the Nasdaq Composite posted its second consecutive record close.
Nasdaq advanced 122.48 points, or 0.45%, to 27,599.79. Meanwhile, the Dow Jones Industrial Average added 253.38 points, or 0.49%, to finish at 51,521.28.
Both Nvidia Corporation (NVDA) and Advanced Micro Devices, Inc. (AMD) touched record highs during the session. AMD shares closed at $649.42, up $17.67, or 2.80%, while Nvidia gained 0.14%. AMD chief executive Lisa Su said demand for computing power continued to exceed supply.
Elsewhere in the semiconductor sector, Marvell Technology, Inc. (MRVL) climbed after raising its fiscal 2028 revenue forecast. Shares finished at $287.01, up $15.76, or 5.81%.
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“We expect approximately $20 billion in total company revenue in FY28,” chief executive Matt Murphy told investors on Tuesday. He presented the outlook at the company’s investor day.
Meanwhile, Treasury yields eased and oil prices fell. Investors continued to anticipate corporate earnings and demand for artificial intelligence infrastructure.
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The S&P 500 surpassed its previous record close from August. However, the rally remained concentrated in a limited group of stocks. Only 25% of S&P 500 constituents traded above their 50-day moving averages.
