S&P 500 and Nasdaq close at records as chip stocks rally

The S&P 500 and Nasdaq closed at record highs Tuesday as investors bought chipmakers tied to artificial intelligence and Treasury yields eased. The S&P 500 rose 0.58%, topping 7,800 for the first time, while the Nasdaq gained 0.45% and the Dow rose 0.49%.

Investors also grew more confident that the Federal Reserve would leave interest rates unchanged at its October meeting, amid weak September job growth and comments from Fed officials that a rate increase could wait. The gains came as bond yields and consumer energy costs remained elevated: the 10-year Treasury yield had reached 5.349% on Monday, and gasoline prices were about $1.20 per gallon higher than a year earlier.

Diesel prices had fallen from record levels but remained more than 40% above a year earlier, adding to cost pressures for businesses and consumers.

Read the full story at theguardian.com.