Sept 22 (Reuters) – The Nasdaq Composite touched an intraday record high on Tuesday for the first time since early June as technology stocks clawed back lost ground and retreating oil prices boosted risk appetite.
The index was last up 0.3% at 27,212.68, eclipsing its previous intraday record high of 27,190.21 hit on June 1.
Oil prices fell to a two-week low as prospects for increased oil supplies from the Gulf eased market concerns, with Iran signaling it could reopen the Strait of Hormuz soon, lifting markets globally.
Tech stocks, which have driven US markets to record highs this year, reclaimed the spotlight as AI demand showed no signs of abating and corporate earnings stayed resilient.
Chipmaker AMD topped $1 trillion in market valuation on Monday as chip stocks surged, sending the Philadelphia SE Semiconductor index to a more than one-month high.
The index ended more than 20% lower than its record close and confirmed bear market territory on July 17.
Rising oil prices and concerns over ballooning government debt had pushed yields on US Treasuries to multi-year highs earlier this month, pressuring high-flying stocks such as memory chipmakers that have had an eye-popping rally so far this year.
The milestone marks a sharp recovery for the tech-heavy Nasdaq, which briefly fell more than 10% from its intraday high in late July, on concerns that AI spending could weigh on profitability as returns were not materializing as fast as markets expected.
The benchmark S&P 500 and the blue-chip Dow already hit record highs in early August, making the Nasdaq the last major index to mark its recovery.
At 09:32 a.m. ET, the Dow Jones Industrial Average rose 155.42 points, or 0.30%, to 52,204.25, the S&P 500 gained 14.39 points, or 0.19%, to 7,779.09 and the Nasdaq Composite added 89.57 points, or 0.33%, to 27,211.66.
Advancing issues outnumbered decliners by a 1.88-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq.
The S&P 500 posted no new 52-week highs and 5 new lows while the Nasdaq Composite recorded 12 new highs and 26 new lows.
(Reporting by Avinash P and Purvi Agarwal in Bengaluru; Editing by Maju Samuel and Pooja Desai)
