WASHINGTON (dpa-AFX) - After moving notably higher over the course of the previous session, stocks have shown another strong move to the upside during trading on Tuesday. With the extended rally, the Nasdaq and the S&P 500 have reached their best intraday levels in four months.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 288.43 points or 1.5 percent at 19,919.40, the S&P 500 is up 65.46 points or 1.1 percent at 6,090.63 and the Dow is up 481.68 points or 1.1 percent at 43,063.46.
The continued strength on Wall Street comes after President Donald Trump announced a ceasefire between Israel and Iran is now in effect.
'On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran, on having the stamina, courage, and intelligence to end what should be called 'THE 12-DAY WAR,' Trump wrote on Truth Social.
While both sides have accused each other of violating the ceasefire, traders appear to remain optimistic about easing tensions in the Middle East.
Meanwhile, traders have largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.
'For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,' Powell said in prepared remarks before the House Financial Services Committee.
On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.
The Conference Board said its consumer confidence index fell to 93.0 in June from a revised 98.4 in May. Economists had expected the index to inch up to 99.0 from the 98.0 originally reported for the previous month.
Sector News
Semiconductor stocks are turning in some of the market's best performances on the day, with the Philadelphia Semiconductor Index soaring by 3.6 percent to its best intraday level in five months.
Substantial strength is also visible among airline stocks, as reflected by the 3.4 percent surge by the NYSE Arca Airline Index.
Computer hardware, networking and biotechnology stocks are also seeing considerable strength on the day, while gold and oil producer stocks are bucking the uptrend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved sharply higher during trading on Tuesday. Japan's Nikkei 225 Index shot up by 1.1 percent, while Hong Kong's Hang Seng Index surged by 2.1 percent.
Most European stocks also moved to the upside on the day. Germany's DAX Index jumped by 1.6 percent and France's CAC 40 Index advanced by 1.0 percent, although the U.K.'s FTSE 100 Index closed only slightly above the unchanged line.
In the bond market, treasuries have moved modestly higher over the course of the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.2 basis points at 4.300 percent.
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