WALL STREET ADVANCES WITH NVIDIA AND FED MEETING IN FOCUS
Wall Street's three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve's policy meeting conclusion on Wednesday for clues on interest rate policy. Shares in Nvidia pulled out of the red to close up 1% after it revealed pricing and shipment plans for its hotly anticipated Blackwell B200 artificial intelligence chip, which it says could be 30 times faster than current chips. Michael James, managing director of equity trading at Wedbush Securities in Los Angeles attributed Tuesday's overall gains to improving sentiment after Nvidia's shares turned around along with ongoing bullishness about the economy's direction.
"You're continuing to see money go into the market and not just technology," said James. "It certainly helps when you're seeing the large cap tech names today like Nvidia show relative strength from where they opened. But it's continuing the overall bullish theme that's been going on since the year started." At 04:15 p.m. the Dow Jones Industrial Average rose 320.33 points, or 0.83% , to 39,110.76, the S&P 500 gained 29.09 points, or 0.56%, to 5,178.51 and the Nasdaq Composite gained 63.34 points, or 0.39%, to 16,166.79. The Dow Jones Industrial Average outpaced its Wall Street peers, supported by a 2% gains in Home Depot and advances of more than 1% in both McDonald's (MCD.N), opens new tab and Apple Inc.
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