The market upward moves were also supported by comments from President Biden on new China tariffs. President Biden stated on Tuesday that the administration's decision to announce a new wave of tariffs across an array of Chinese goods. The White House plans to raise duties on $18 billion in Chinese imports, which include electric vehicles, steel, aluminum, semiconductors, medical devices, and more.
However, market gains capped, as investors were awaiting for the release of an April consumer-price index report that likely to shed more light on the Federal Reserves path for interest rates.
At closing bell, the Dow Jones Industrial Average index advanced 126.60 points, or 0.32%, to 39,558.11. The S&P500 index climbed up 25.26 points, or 0.48%, to 5,246.68. The tech-heavy Nasdaq Composite index increased by 122.94 points, or 0.75%, to fresh closing record of 16,511.18.
Total 09 of 11 S&P500 sectors closed higher along with S&P500 index. Information technology sector was top performer, rising 0.93%, while consumer staples sector was bottom performer, falling 0.22%.
ECONOMIC NEWS: The Labor Department said its producer price index for final demand climbed by 0.5% in April after a revised 0.1% dip in March. The report also said the annual rate of producer price growth accelerated to 2.2% in April from a downwardly revised 1.8% in March.
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