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U.S. stocks finished higher on Tuesday, as the S&P 500 and the Nasdaq Composite recovered most of their losses from the previous session after the sudden rise of Chinese AI startup DeepSeek sent shockwaves through Wall Street.
The Dow Jones Industrial Average rose 0.3% to end near 44,850, according to preliminary data from FactSet.
The S&P 500 was up 0.9% to finish around 6,067, snapping a two-day losing streak.
The Nasdaq Composite surged over 2%, ending near 19,733. It was the best day for the tech-heavy index since Jan. 15, according to Dow Jones Market Data.
Investors were turning their attention to corporate earnings due this week amid concerns that a low-cost Chinese AI model could challenge American companies' dominance in the sector and their lofty valuations that have powered the bull market for the last two years. Microsoft Corp., Meta Platforms Inc. and Tesla Inc. are due to report their quarterly results on Wednesday after the closing bell, while Apple Inc. will report on Thursday.
The Federal Reserve also kicked off its two-day policy meeting on Tuesday, with fed-funds futures traders expecting no change in interest rates on Wednesday from the current range of 4.25% to 4.50%.
Sales of big-ticket manufactured goods and overall U.S. business investment showed signs of revival toward the end of 2024, but it’s unclear whether a two-year industry slump is ending.
Orders for durable goods omitting transportation rose 0.3% in December and increased for the fourth time in the past five months. Durable goods are items such as computers and appliances meant to last at least three years
Overall orders fell 2.2% in the month, but almost entirely because of a decline in bookings for Boeing aircraft.
The ups and downs of the struggling U.S. plane manufacturer has skewed the headline durable-goods number for more than a year.
American manufacturers hope for bigger things in 2025, but not all the headwinds have died down. Interest rates remain high because of lingering inflation and some of Trump’s threatened tariffs could exacerbate price pressures.
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