The Nasdaq finished Tuesday’s session up 1.5 per cent at 26,213.72, taking its gains to 21.4 per cent over the three months through June. The S&P 500 rose along with the Dow, which finished at a second straight record.
“Very often when we have a really good quarter, you see profit-taking on the last day,” said FHN Financial’s Chris Low. “We’re not seeing that today which shows optimism about the third quarter as well.”
Some of that positive sentiment stems from the pullback in oil prices since the United States and Iran agreed on a memorandum of understanding in the Middle East war that has significantly lifted tanker traffic in the Strait of Hormuz.
“If we go into the second half of the year with lower energy prices, that should help restore GDP growth,” Low said.
AI-linked shares had suffered a pullback in recent weeks as investors questioned whether their soaring valuations were excessive. But Tuesday’s session saw a return to the trend that dominated much of the quarter.
Elsewhere Tuesday, Europe’s main equity markets closed in the green.
