Stocks closed higher on Wall Street Tuesday after an afternoon push left major indexes just below their recent records.
- The S&P 500 rose 26.62 points, or 0.4%, to 6,465.9 after drifting between small gains and losses for much of the day.
- The Dow Jones Industrial Average rose 135.60 points, or 0.3% to 45,418.07.
- The Nasdaq composite rose 94.98 points, or 0.4%, to 21,544.27.
Boeing rose 3.5% after Korean Air announced a $50 billion deal with the company that includes buying more than 100 aircraft, the
AP reports. Dish Network parent EchoStar surged 70.2% after AT&T said it will buy some of its wireless spectrum licenses in a $23 billion deal.
Gains in technology stocks helped outweigh losses in communication services and other sectors. Chipmaking giant Nvidia rose 1.1%. The broader market remained subdued following President Trump's escalation of his fight with the Federal Reserve over its cautious interest rate policy. On Monday, he said that he's removing Federal Reserve Governor Lisa Cook. She has responded that she will not resign.
The Fed has held rates steady since late 2024 over worries that Trump's unpredictable tariff policy will reignite inflation. Trump has also threatened to fire Fed Chair Jerome Powell, often taunting him with name-calling. Still, he is only one of 12 votes that decides interest rate policy. "We will continue to monitor rising political pressure on the Fed but expect its decision-making to remain guided by its mandate in the near term," says Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management. Wall Street is still betting that the Fed will trim its benchmark interest rate at its next meeting in September.
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