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Stocks rose Tuesday, led by technology, while shares of Palantir helped the Nasdaq rise 1.4%.
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Traders are awaiting the outcome of the US presidential election.
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The Federal Reserve’s next policy meeting begins on Wednesday.
U.S. indexes rose on Tuesday after a jump in technology stocks lifted the indexes as traders headed toward the end of the U.S. presidential election.
A record earnings report from Palantir helped push Tech higher, with the stock rising 23.5% to close at $51.15. The data software company posted record profits while showing strong demand for its artificial intelligence products.
Other tech leaders also ended higher, with Nvidia up nearly 3%, including Nvidia and Tesla closing 3.5% higher.
Nvidia’s rally on Tuesday helped the chip giant surpass Apple as the world’s most valuable company by market capitalization, with a valuation of $3.42 trillion, compared to Apple’s valuation of $3.38 trillion.
The S&P 500 and tech-heavy Nasdaq rose 1.2% and 1.4%, respectively, on the session. The Dow Jones Industrial Average rose nearly 430 points.
Here’s where the US indexes stood at 4pm on Tuesday:
As voters flock to the polls, Wall Street is tense about the possibility of an uncertain election outcome after voting ends.
Some popular Trump trades rose throughout the day, with bitcoin and shares of Trump Media rising in anticipation of a potential Republican victory. Government bond yields fell slightly, with the 10-year government bond down two basis points to 4.289%.
On Wednesday, Wall Street’s focus will quickly shift from the presidential race to the Federal Reserve’s two-day policy meeting. Futures markets indicate a 98.2% chance that the central bank will cut rates by 25 basis points at the end of its meeting on Thursday.
Here’s what else is going on:
In commodities, bonds and crypto:
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West Texas Intermediate crude rose 0.99% to $72.18 a barrel. Brent crude, the international benchmark, rose 0.81% to $75.69 per barrel.
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Gold rose 0.18% to $2,751.2 an ounce.
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The yield on ten-year government bonds fell by two basis points to 4.289%.
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Bitcoin rose 2.82% to $69,401.
Read the original article on Business Insider
