US stocks climb as chip shares rally
- S&P 500 gained 0.4% while Nasdaq Composite Index advanced 0.8%
Wall Street stocks gained early Tuesday, led by semiconductor shares, as markets overlooked rising oil prices and new US tariffs on Canadian goods.
- Semiconductor stock gains driving market sentiment.
- Rising oil prices amid Middle East tensions.
- New US tariffs on Canadian goods.
NEW YORK: Wall Street stocks bounced early Tuesday behind gains in semiconductor shares as markets shrugged off higher oil prices and a new US tariff announcement.
Broadcom, Marvel Technology and Micron all rose, part of an overnight shift in sentiment on semiconductors that was “enough to change the mentality of the market as a whole,” said Interactive Brokers’ Steve Sosnick.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 51,956.38.
The broad-based S&P 500 gained 0.4 percent to 7,471.76, while tech-rich Nasdaq Composite Index advanced 0.8 percent to 25,713.49.
Oil prices continued to climb as Iran targeted US radar and air defense installations in the Middle East, after the State Department issued an alert urging American citizens around the world to “exercise increased caution” because of the war with Iran.
Markets are also digesting US President Donald Trump’s announcement late Monday of plans to impose new 50-percent tariffs on many Canadian goods.
Among individual companies, 3M shot up 8.0 percent as the industrial company lifted its full-year forecast following higher second-quarter profits.