U.S. stocks ended higher on Tuesday, with the tech-heavy Nasdaq rising by more than 2 percent after official data shows easing inflationary pressures.
At the close of trading, the Dow Jones Industrial Average rose 408.63 points, or 1.04 percent, to 39,765.64. Standard and Poor's 500 index added 90.04 points, or 1.68 percent, to 5,434.43. The Nasdaq Composite Index increased by 407.00 points, or 2.43 percent, to 17,187.61.
Ten of the 11 primary Standard and Poor's 500 index sectors ended in green, with technology and consumer discretionary leading the gainers by going up 3.00 percent and 2.42 percent, respectively. Meanwhile, energy bucked the trend by dropping 1.02 percent.
The latest U.S. Producer Price Index (PPI) data for July, released on Tuesday, showed that both the month-on-month and year-on-year increases were lower than expected. This data confirmed further easing of inflationary pressures in the U.S., reinforcing market expectations that the Federal Reserve may begin cutting interest rates in September.
As investor risk appetite improved, all three major U.S. stock indices closed higher on the day. The "Magnificent Seven" tech giants - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla - saw gains, with chipmaker Nvidia leading the way with a 6.53 percent increase.
Data shows that some investors have been actively buying the dip in tech stocks during their recent pullback. Over the past four trading days, Nvidia's stock price has rebounded by 17 percent, adding more than 420 billion U.S. dollars to the company's market value.
However, Nvidia executives have been selling company stock frequently in recent months. The management and board members sold more than 700 million U.S. dollars' worth of stock in the first half of this year, setting a record high for the same period.
US stocks surge as inflation data eases concerns
China has achieved the impossible in its ambitious efforts to eliminate poverty, serving as an inspiration and key partner in world development, said the Bangladeshi interim government's Chief Adviser Muhammad Yunus while in Beijing.
From March 26 to 29, Yunus participated in the Boao Forum for Asia (BFA) Annual Conference 2025 in Hainan, an island province in southern China, and subsequently visited Beijing. This marked his first trip to the city since taking his role as chief adviser last August.
During his stay in Beijing, Yunus gave an exclusive interview with China Media Group (CMG) where he discussed the importance of China's rise for developing countries.
"Amazing thing. The first thing that I mentioned when I talk about China, what an inspiration it was for the whole world, not for Bangladesh or a particular country. It's an inspiration for the whole world. What we thought is impossible -- like impossible is how to get the poverty out from a nation. China, with a large population, a large poor population, dared to say no poverty. People said that's crazy, they won't be able to do that. They will not make it. China made it happen. In the entire history of mankind, it never happened before," said Yunus.
In his words, China's accomplishments in this regard are not mere theory but demonstrated reality.
"Impossible things have become easy for China. China was a poor country, didn't have an industry. Now it's a leader of industry. Every country, every nation has to come to China to buy something they cannot produce or produce more expensively. They produce much cheaper, better service. So everything that you see, how you mobilize the strength of the population. It's the power of the young people in the nation and make them to work in a way which benefits the entire world, not just one nation. And people are very grateful to China for that," the chief advisor said.
China's unprecedented poverty elimination inspires global nations: Bangladeshi official
