WASHINGTON (dpa-AFX) - The major averages on Wall Street have moved sharply higher on Tuesday, extending the strong upward move seen over the past several sessions.
The major averages all showed significant moves to the upside, with the Dow, NASDAQ and S&P 500 all hitting fresh record closing highs.
The Dow rallied 907.47 points or 1.71 percent to finish at 54,085.88, while the NASDAQ soared 671.10 points or 2.59 percent to end at 26,584.99 and the S&P 500 jumped 136.02 points or 1.79 percent to close at 7,736.52.
The continued strength on Wall Street comes amid an extended nosedive by the price of crude oil, with U.S. crude oil futures plummeting 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.
Later, Qatar confirmed that mediatory efforts to secure U.S.-Iran deal are progressing well. West Texas Intermediate crude for September delivery was down $4.66 or 5.80 percent at $75.68 per barrel.
Tech stocks have led the rally amid a positive reaction to earnings news from enterprise software giant Palantir (PLTR); shares of the company surged more than 25 percent it reported better than expected second quarter results and raised its full-year guidance.
In economic news, the Commerce Department said the U.S. trade deficit narrowed roughly in line with estimates in June. The trade deficit shrank to $73.3 billion in June from $77.6 billion in May. Economists had expected the trade deficit to decrease to $73.0 billion.
Sector News Semiconductor stocks turned 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 also saw significant strength, reflecting broad based 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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