Precise Investors Editorial Team
The S&P 500 added 0.6%, closing at a record high, the Nasdaq Composite rose 0.6%, while the Dow Jones Industrial Average climbed 1% to close above 49,000 for the first time
US stocks rose to new records on Tuesday as investors continued to weigh US moves on Venezuela and braced for a flurry of latest data this week to shed light on the health of the economy.
The S&P 500 added 0.6%, closing at a record high, while the tech-heavy Nasdaq Composite also rose 0.6%. The Dow Jones Industrial Average climbed 1% to close above 49,000 for the first time as the blue-chip index notched a back-to-back record.
Investors assessed Nvidia and AMD’s competing AI roadmaps, laid out at CES in Las Vegas. CEO Jensen Huang launched Nvidia’s next-generation Vera Rubin AI superchip platform, followed by AMD CEO Lisa Su’s first look at its rival Helios system. Eyes were also on new PC chips from Intel and Qualcomm, with updates from other tech stalwarts expected as the tech event continues this week.
Notable gainers in the tech space on Tuesday included Amazon, Micron, and Broadcom.
Meanwhile, the focus is starting to turn to a flurry of jobs market and other data this week, as the flow of economic reports gets back on track. On Tuesday, the final reading of S&P Global’s Services PMI for the month of December showed the US services sector growing at its slowest pace in eight months.
The shutdown-induced dearth of data in recent months has made it trickier to gauge how the U.S. central bank will move on interest rates this year. Chair Jerome Powell has signalled policymakers will tread carefully until the picture of the labour market is clearer. That has made the December jobs report due Friday even more crucial than usual.
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