by Echo Wang
(Reuters) – The New York Stock Exchange ended higher on Tuesday, after the performance of Nvidia and the publication of monthly retail sales statistics in the United States.
The Dow Jones index gained 0.2%, or 56.76 points, to 38,834.86 points.
The broader S&P-500 gained 13.8 points, or 0.3% to 5,487.03 points.
The Nasdaq Composite advanced 5,212 points, or 0%, to 17,862.232 points.
The Nasdaq and S&P 500 finished at record highs after Nvidia became the world’s largest market capitalization on Tuesday, ahead of Microsoft.
Other chipmakers, such as Qualcomm, Arm Holdings and Micron, also advanced, helping the semiconductor sector reach a record high.
“This is really an AI (artificial intelligence) story,” said Ty Draper, a financial advisor at Beacon Capital Management.
Retail sales in the United States rose 0.1% month-on-month in May, a weaker rebound than expected, data released by the Commerce Department showed.
Markets rose slightly after the release of the indicator, which showed a soft landing for the US economy, raising the prospect of the Fed cutting rates perhaps twice this year.
Investors carefully studied comments from officials at the US Federal Reserve (Fed). The President of the New York Fed, John Williams, notably declared that key rates in the United States would gradually fall over time, without however specifying when this monetary easing would begin.
In stocks, the educational services company Chegg progressed after announcing a layoff plan implemented as part of a restructuring.
The American housing manufacturer Lennar fell after announcing Monday evening that it anticipated deliveries in the third quarter lower than analysts’ expectations.
The New York Stock Exchange will be closed on Wednesday due to “Juneteenth”, the day of the emancipation of slaves in the United States since 1965.
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(With the contribution of Lisa Mattackal and Ankika Biswas; French version Camille Raynaud)
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