WASHINGTON (dpa-AFX) - Stocks have shown a strong move to the upside over the course of the trading day on Tuesday, regaining ground following the sell-off seen in the previous session. The major averages have all moved notably higher, with the tech-heavy Nasdaq leading the way.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 206.35 points or 0.9 percent at 22,833.62, the Dow is up 407.30 points or 0.8 percent at 49,211.36 and the S&P 500 is up 39.70 points or 0.6 percent at 6,877.45.
The strength on Wall Street may partly reflect bargain hunting, as some traders look to pick up stocks at relatively reduced levels following the steep drop seen yesterday.
The Dow tumbled to its lowest closing level in a month on Monday amid renewed uncertainty about President Donald Trump's tariffs.
Semiconductor stocks have helped lead the move back to the upside, with the Philadelphia Semiconductor Index jumping by 1.8 percent. The index is currently on pace to end the session at a record closing high.
Chipmaker Advanced Micro Devices (AMD) is turning in one of the sector's best performance, surging by 7.3 percent.
The rally by AMD comes after the company announced a 6-gigawatt agreement to power Meta's (META) next generation of AI infrastructure across multiple generations of AMD Instinct GPUs.
Considerbale strength is also visible among networking stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Networking Index.
Retail, computer hardware and software stocks are also turning in strong performances, while natural gas stocks have moved to the downside.
In U.S. economic news, a report released by the Conference Board showed an improvement in U.S. consumer confidence in the month of February.
The Conference Board said its consumer confidence index rose to 91.2 in February from an upwardly revised 89.0 in January. Economists had expected the index to jump to 88.0 from the 84.5 originally reported for the previous month.
'Confidence ticked up in February after falling in January, as consumers' pessimistic expectations for the future eased somewhat,' said Dana M Peterson, Chief Economist, The Conference Board.
'Four of five components of the Index firmed,' she added. 'Nonetheless, the measure remained well below the four-year peak achieved in November 2024 (112.8).'
In overseas trading, stock markets across the Asia-Pacific turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index and China's Shanghai Composite Index both advanced by 0.9 percent, while Hong Kong's Hang Seng Index slumped by 1.8 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 0.4 percent, the German DAX Index is up by 0.2 percent and the U.K.'s FTSE 100 Index is up by 0.1 percent.
In the bond market, treasuries are giving back ground after moving sharply higher in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.1 basis points at 4.040 percent.
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