WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of the trading day on Tuesday, more than offsetting the weakness seen in the previous session. With the upward move, the tech-heavy Nasdaq has reached a new record intraday high.
Currently, the major averages are hovering near their best levels of the day. The Nasdaq is up 242.37 points or 1 percent at 25,310.17, the S&P 500 is up 58.11 points or 0.8 percent at 7,258.86 and the Dow is up 327.04 points or 0.7 percent at 49,268.94.
The strength on Wall Street comes amid a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging by more than 4 percent after spiking by more than 4 percent on Monday.
Crude oil prices are giving back ground amid easing concerns about escalating tensions in the Middle East, as Secretary of War Pete Hegseth said the U.S.-Iran ceasefire is 'not over' despite Iranian attacks against the United Arab Emirates.
'Ultimately the President is going to make a decision whether anything were to escalate into a violation of a ceasefire,' Hegseth said. 'Right now, the ceasefire certainly holds but we're going to be watching very, very closely.'
Chairman of the Joint Chiefs of Staff Gen. Dan Caine told reporters Iran's attacks fall 'below the threshold of restarting major combat operations at this point.'
Hegseth also said two U.S. commercial ships, along with American destroyers, have safely transited the Strait of Hormuz, declaring the 'lane is clear.'
A positive reaction to some of the latest earnings news is also contributing to the strength on Wall Street, with U.S. -listed shares of Anheuser-Busch InBev (BUD) soaring by 9.3 percent.
The spike by the Budweiser parent comes after the company reported first quarter results that exceeded analyst estimates on both the top and bottom lines.
In U.S. economic news, a report released by the Institute for Supply Management showed a slight slowdown in the pace of growth in U.S. service sector activity in the month of April.
The ISM said its services PMI slipped to 53.6 in April after falling to 54.0 in March, although a reading above 50 still indicates growth. Economists had expected the index to edge down to 53.7.
Sector News
Semiconductor stocks are turning in some of the market's best performances on the day, driving the Philadelphia Semiconductor Index up by 3.9 percent to a record intraday high.
Intel (INTC) has helped lead the sector higher, soaring by 13.2 percent after a report from Bloomberg said Apple (AAPL) has held exploratory discussions about using the company to produce the main processors for its devices in the U.S.
Considerable strength is also visible among computer hardware stocks, with the NYSE Arca Computer Hardware Index surging by 2.9 percent to a record intraday high.
Steel, airline and housing stocks are also seeing significant strength on the day, while energy stocks are seeing some weakness.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower, with several major markets closed for holidays. Hong Kong's Hang Seng Index slid by 0.8 percent, while Australia's S&P/ASX 200 Index slipped by 0.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 1.7 percent, the French CAC 40 Index is up by 0.6 percent and the German DAX Index is up by 1.3 percent.
In the bond market, treasuries are regaining ground after moving sharply lower on Monday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.8 basis points at 4.418 percent.
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