WASHINGTON (dpa-AFX) - Following the rally seen over the course of Monday's session, stocks saw further upside during trading on Tuesday. The major averages all moved higher on the day, with the tech-heavy Nasdaq extending yesterday's surge.
The Nasdaq shot up 393.58 points or 1.5 percent to 26,213.72, further offsetting the steep drop seen last week. The S&P 500 also advanced 58.93 points or 0.8 percent to 7,499.36 while the narrower Dow posted a more modest gain, rising 136.46 points or 0.3 percent to a new record closing high of 52,319.20.
The strength on Wall Street came as technology stocks continued to regain ground following the sharp pullback seen during last week's trading.
Semiconductor stocks helped to lead the way higher once again, with the Philadelphia Semiconductor Index spiking by 3.9 percent.
Substantial strength was also visible among networking stocks, as reflected by the 2.4 percent spike by the NYSE Arca Networking Index.
Outside of the tech sector, airline stocks moved sharply higher over the course of the session, driving the NYSE Arca Airline Index up by 3.2 percent to its best closing level in well over four months.
The strength that emerged among airline stocks came amid a significant downturn by the price of crude oil, with U.S. crude oil futures slumping by 0.9 percent after jumping by as much as 1.2 percent.
Crude oil prices extended yesterday's rebound earlier in the day amid conflicting messages about a new round of talks between the U.S. and Iran.
While President Donald Trump claimed a meeting is set to be held in Qatar today, a spokesperson for Iran's Foreign Ministry reportedly denied that talks were scheduled.
On the other hand, telecom stocks gave back ground after moving sharply higher over the two previous sessions, dragging the NYSE Arca North American Telecom Index down by 2.3 percent.
Commercial real estate stocks have also come under pressure along with pharmaceutical, utilities and oil producer stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index slid by 0.6 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index jumped by 1.5 percent, the French CAC 40 Index rose by 0.4 percent and the U.K.'s FTSE 100 Index inched up by 0.1 percent.
In the bond market, treasuries came under pressure after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.4 basis points to 4.418 percent.
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