NEW YORK, New York - Demand for AI stocks pushed U.S. stock indices higher Tuesday, particularly in the tech sector, which led the charge.

"The market has these kinds of periodic interludes where it gets concerned about AI spending, and then we tend to go back, and tech leads us higher,"Jed Ellerbroek, Argent Capital Management portfolio manager told CNBC Tuesday. "The light switch has been off for the last two weeks, and it looks like the first two days this week, the switch has been flipped up again," he said,

The Standard and Poor's 500 rose 45.90 points, or 0.60 percent, to close at 7,722.67. The benchmark traded within a day range of 7,677.16 to 7,736.24, and sits comfortably above its 52-week low of 6,316.91 while remaining shy of its 52-week high of 7,844.52. Volume was heavy at 2.689 billion shares.

The Dow Jones Industrial Average added a modest 16.82 points, or 0.03 percent, to finish at 52,378.40. The blue-chip index ranged between 52,231.84 and 52,477.91 during the session, well within its 52-week range of 45,057.28 to 54,744.33. Volume totalled 389.852 million shares.

The NASDAQ Composite was the standout performer, surging 308.43 points, or 1.18 percent, to close at 26,477.81. The tech-heavy index traded between 26,219.31 and 26,540.81 on the day, and remains above its 52-week low of 20,690.25 while below its 52-week high of 27,722.75. Volume reached 6.091 billion shares.

Market participants pointed to strength in the technology sector as the primary catalyst behind the NASDAQ's outperformance, while the Dow's marginal gain reflected a more mixed performance among industrial and financial constituents.

U.S.Dollar Strengthens Against Major Currencies, Aussie Dollar the Lone Exception

The U.S. dollar advanced against all major currencies on Tuesday except the Australian dollar, as currency markets opened the trading week with a broadly stronger greenback.

The euro slipped 0.34 percent against the dollar, with EUR-USD quoted at 1.1136. Sterling also weakened, falling 0.21 percent to 1.3314 against the U.S. currency.

The dollar posted gains of 0.27 percent against the Japanese yen, with USD-JPY at 157.93, while USD-CAD rose 0.29 percent to 1.4052. Against the Swiss franc, the dollar edged up 0.13 percent to 0.8286.

The Australian dollar was the sole major currency to resist the dollar's advance, gaining 0.17 percent as AUD-USD traded at 0.7029.

Analysts noted the dollar's broad strength reflected continued demand for the US currency amid prevailing market conditions, with the Aussie dollar's outperformance standing out as the exception in Tuesday's session.

Global Equity Markets Close Mixed Tuesday as Canadian and European Stocks Gain, UK and Asia Pacific End Mostly Lower

World stock markets closed Tuesday mixed, as Canadian and European indices advanced while several Asia-Pacific benchmarks retreated.

In Canada, the S&P/TSX Composite index climbed 227.33 points, or 0.63 percent, to settle at 36,171.49. The index moved within a day range of 35,882.56 to 36,197.51, and its 52-week range stands at 29,530.90 to 37,069.10. Volume was 245.949 million shares.

The FTSE 100 was also lower, slipping 80.79 points to close at 10,686.54, a decline of 0.75 percent. The index traded between 10,649.65 and 10,767.81 during the session, well within its 52-week range of 9,423.90 to 10,989.50.

Germany's DAX P rose 179.93 points, or 0.71 percent, to finish at 25,590.77. The index moved between 25,340.21 and 25,647.49, against a yearly range of 21,863.81 to 26,618.74.

The CAC 40 in France gained 39.82 points, up 0.51 percent, to close at 7,887.14. It traded between 7,810.92 and 7,909.74, within a 52-week band of 7,505.27 to 8,755.03.

The EURO STOXX 50 I added 48.46 points, or 0.79 percent, to end at 6,164.69, having ranged between 6,095.64 and 6,174.35. Its yearly range stands at 5,376.81 to 6,577.20.

The Euronext 100 Index climbed 14.20 points, up 0.76 percent, to 1,871.40, trading between 1,850.32 and 1,873.41, against a 52-week range of 1,658.14 to 1,984.60.

Belgium's BEL 20 edged up 18.20 points, or 0.31 percent, to 5,801.95. The index traded between 5,761.49 and 5,806.74, within a yearly range of 4,774.82 to 5,905.83.

In Asia, the Hong Kong HANG SENG INDEX fell 170.49 points, or 0.73 percent, to 23,041.32, after trading between 22,983.99 and 23,313.92. Its 52-week range is 22,518.00 to 28,056.10.

Mainland China's SSE Composite Index fell 49.22 points, or 1.33 percent, to 3,648.30 on volume of 3.124 billion. It traded between 3,648.30 and 3,708.20, against a 52-week range of 3,574.27 to 4,258.86.

Singapore's STI Index declined 18.88 points, or 0.35 percent, to 5,397.03, ranging between 5,392.92 and 5,423.43, within a yearly band of 4,372.64 to 5,828.50.

Bucking the trend, Japan's Nikkei 225 was the standout performer in the region, climbing 1,078.72 points, or 1.73 percent, to 63,268.37. The index traded between 62,389.47 and 63,684.69 during the session.

In Australia, the S&P/ASX 200 [XJO] gained 40.20 points, or 0.46 percent, to close at 8,850.10, having traded between 8,773.40 and 8,858.90. Its 52-week range is 8,262.40 to 9,296.70. The ALL ORDINARIES [XAO] rose 42.20 points, or 0.47 percent, to 8,968.80, within a session range of 8,891.80 to 8,976.80 and a yearly range of 8,454.90 to 9,474.80.

In New Zealand, the S&P/NZX 50 INDEX GROSS fell 53.66 points, or 0.39 percent, to 13,680.27. It traded between 13,590.63 and 13,749.56, against a yearly range of 12,689.78 to 14,069.22.

India's S&P BSE SENSEX dipped 8.08 points, or 0.01 percent, to 73,598.67. The index traded between 73,179.41 and 73,762.98, against a 52-week range of 71,292.88 to 86,159.02.

In Indonesia, the IDX COMPOSITE dropped 106.96 points, or 1.99 percent, to 5,266.13, after ranging between 5,182.37 and 5,418.14. Its yearly range is 4,907.37 to 9,174.47.

Malaysia's FTSE Bursa Malaysia KLCI added 7.49 points, or 0.47 percent, to 1,611.85, trading between 1,606.14 and 1,611.94, within a 52-week band of 1,592.57 to 1,771.25.

In South Korea, the KOSPI Composite Index surged 168.87 points, or 3.09 percent, to 5,638.34, with a 52-week range of 0.00 to 9,385.59.

Taiwan's TSEC CAPITALIZATION WEIGHTED ST rose 54.80 points, or 0.12 percent, to 46,096.23, having traded between 45,676.67 and 46,585.45. Its yearly range is 26,395.98 to 49,968.92.

In the Middle East, while Israelis were heading to the polls for the first election since the 7 October 2023 attacks, the TA-125 in Tel Aviv gained 73.06 points, or 1.81 percent, to 4,108.05, within a session range of 4,016.31 to 4,108.05 and a 52-week range of 3,276.00 to 4,588.51.

Egypt's EGX 30 Price Return Index jumped 1,687.90 points, or 3.49 percent, to 50,104.80 on volume of 202.262 million. The index traded between 48,416.90 and 50,106.10, matching its 52-week high.

In Africa, the South African Top 40 USD Net TRI Index rose 59.10 points, or 0.91 percent, to 6,580.71, ranging between 6,466.62 and 6,587.62, within a yearly band of 6,105.70 to 8,184.71.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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