After posting its best day since March on Monday, the blue-chip Dow Jones Industrial Average climbed 68.61 points to 33,945.58. The S&P 500 rose 0.5% to 4,246.44, while the Nasdaq recovered previous losses and rose 0.8% to 14,253.27, setting a new intraday high.
Bitcoin had another crazy session, breaking below $30,000 before eventually turning green for the day. The world’s flagship cryptocurrency lost all of its gains from 2021 at some point on Tuesday. As Bitcoin bounced off its bottom, Tesla, a Bitcoin holder, rose. At the end of the day, the electric car company’s stock was up roughly 0.5%.
Netflix led the market surge Tuesday, rising 2.3%, while Amazon, Apple, and Microsoft all rose at least 1%. Facebook’s stock increased by 2%. Even after the European Commission began an investigation into Google’s advertising unit, Alphabet’s stock rose.
New York Fed President, John Williams said on Tuesday that a discussion about raising interest rates is still “way off in the future.” Meanwhile, Loretta Mester, President and CEO of the Federal Reserve Bank of Cleveland, noted that exceptionally low rates for an extended period of time, as well as unorthodox policy tools like asset purchases, might lead to excessive risk-taking and financial-stability concerns.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) popped nearly 1%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) rallied 1.1%. MSFT stock is a major IGV holding. The VanEck Vectors Semiconductor ETF (SMH) increased 0.65%.
SPDR S&P Metals & Mining ETF (XME) rose 0.6% and Global X U.S. Infrastructure Development ETF (PAVE) inched up 0.2%. U.S. Global Jets ETF (JETS) slid 0.9%, as concerns about the Delta variant of the coronavirus weighed on travel-related names. SPDR S&P Homebuilders ETF (XHB) advanced 0.4%.
Apple and Microsoft, the two most valuable companies and members of the Dow Jones, S&P 500 and Nasdaq composite, both rose more than 1%.