WASHINGTON (dpa-AFX) - Stocks have moved sharply higher during trading on Tuesday, extending the strong upward move seen over the past several sessions. The major averages have all shown significant moves to the upside, with the Dow and S&P 500 reaching new record intraday highs.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 422.86 points or 1.6 percent at 26,336.76, the Dow is up 804.87 points or 1.5 percent at 53,983.28 and the S&P 500 is up 87.40 points or 1.2 percent at 7,687.90.
The continued strength on Wall Street comes amid an extended nosedive by the price of crude oil, with U.S. crude oil futures plunging by more than 4 percent and plummeting by more than 5 percent on Monday.
Crude oil prices had moved higher earlier in the day but reversed course after Treasury Secretary Scott Bessent claimed the U.S. and Iran could reach a deal to reopen the Strait of Hormuz within the next couple days.
'We are in talks with the Iranians,' Bessent told CNBC's 'Squawk Box.' 'There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.'
Tech stocks have helped lead the rally amid a positive reaction to earnings news from enterprise software giant Palantir (PLTR).
Shares of Palantir (PLTR) are soaring more than 25 percent after the company reported better than expected second quarter results and raised its full-year guidance.
Sector News
Semiconductor stocks are turning in some of the market's best performances on the day, with the Philadelphia Semiconductor Index soaring by 4.9 percent.
Networking, computer hardware and software stocks are also seeing significant strength, reflecting broad based buying interest in the tech sector.
Outside of the tech sector, oil service stocks have moved sharply higher despite the steep drop in crude oil prices, driving the Philadelphia Oil Service Index up by 2.5 percent.
Gold, banking and airline stocks are also seeing considerable strength, while utilities, retail and natural gas stocks have shown notable moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index slid by 0.6 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index is up by 0.9 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.4 percent.
In the bond market, treasuries are extending the significant rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.7 basis points at 4.639 percent.
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