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Barchart
Barchart
Rich Asplund

Stocks See Support from Positive US Consumer Confidence Report and Tech Stocks

United States Tech Dow Day Dow Jones Industrials Meta Alphabet Amazon AMD Apple

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.16%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.98%.

Stocks on Tuesday saw support from the stronger-than-expected US consumer confidence report.  Higher T-note yields were a bearish factor early, but yields fell later in the day. Stocks gained ground as the day went on thanks to tech stocks, with the 0.98% rally in the Nasdaq 100 index to a new 3-3/4 month high.  Within the tech sector, the Magnificent Seven and chip stocks were leaders.

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