U.S. stocks closed higher on Tuesday, buoyed by robust gains in the technology sector, while investors were waiting for Nvidia's earnings.
The Dow Jones Industrial Average rose 370.44 points, or 0.76 percent, to 49,174.5. The S and P 500 added 52.32 points, or 0.77 percent, to 6,890.07. The Nasdaq Composite Index increased by 236.41 points, or 1.04 percent, to 22,863.68.
Nine of the 11 primary S and P 500 sectors ended in green. The consumer discretionary and industrials sectors led the gainers, advancing 1.58 percent and 1.23 percent, respectively. The health and energy sectors led the laggards, declining 0.53 percent and 0.11 percent, respectively.
Advanced Micro Devices (AMD) surged 8.77 percent following the announcement of a multi-year agreement with Meta. The strategic partnership involves the deployment of up to six gigawatts of AMD's graphics processing units for artificial intelligence data centers. As part of the deal, Meta will also invest in the semiconductor company through a performance-based warrant for up to 160 million shares.
On the economic front, early February data indicated positive momentum in the U.S. employment landscape. According to payroll processing firm ADP, private payrolls increased by 12,750 for the week ending Feb 7. This marked the fourth consecutive weekly improvement and represented the largest one-week gain since late November of the previous year.
U.S. consumer confidence also experienced a slight uptick in February. The Conference Board reported Tuesday that its consumer confidence index rose 2.2 points to 91.2, up from an upwardly revised 89 in January.
In post-earnings moves, Home Depot rose 1.99 percent, while Hims and Hers Health ended 0.32 percent lower. Whirlpool shares plummeted 13.87 percent after the appliance manufacturer announced plans to issue 800 million U.S. dollars in new shares, partially to address debt obligations.
Meanwhile, FedEx shares finished less than 1 percent higher after the package-delivery giant filed a lawsuit against the U.S. federal government concerning refund of tariffs.
Market participants are now closely awaiting the highly anticipated quarterly earnings results from artificial intelligence chip heavyweight Nvidia, scheduled for release after the market closes on Wednesday.
U.S. stocks rebound amid tech rally
The UN General Assembly (UNGA) on Tuesday adopted a resolution on the Ukraine crisis, calling for "an immediate and unconditional ceasefire" and "comprehensive, just and lasting peace."
The draft resolution, prepared by Ukraine and a number of European countries, was adopted with 107 in favor, 12 against and 51 abstentions at the UNGA's 11th Emergency Special Session, on the fourth anniversary of the Ukraine crisis.
China was among the countries that abstained from voting, and Russia voted against the draft resolution.
The resolution, which reaffirms commitment to "the sovereignty, independence, unity and territorial integrity of Ukraine within its internationally recognized borders," does not have a legally binding force.
In a statement explaining China's abstention, Counselor Teng Fei of the Permanent Mission of China to the United Nations noted that China's abstention reflects its consistent principled stance on the Ukraine issue.
"China believes that all countries deserve respect for their sovereignty and territorial integrity, that the purposes and principles of the UN Charter should be observed, that the legitimate security concerns of any country should be taken seriously, and that support should be given to all efforts that are conducive to peacefully resolving the crisis," Teng said.
Teng said the Ukraine issue has currently entered a critical stage for promoting a negotiated settlement, with various dialogues and contacts being intensified, especially focusing on the substantive issues of the crisis.
Emphasizing the need for sustained diplomatic momentum and a comprehensive security framework, Teng said that China welcomes all endeavors dedicated to peace.
"China encourages and supports all efforts for peace, and calls on all parties to maintain positive momentum, continue to expand common understanding and strive to reach a comprehensive, lasting and binding peace agreement. It is necessary to solve the root causes and form a more balanced, effective and sustainable European security architecture to achieve long-term peace and stability in Europe," said Teng.
He said that at this critical juncture, China expects the international community to create a favorable atmosphere for promoting the political settlement of the crisis and the UNGA to play a constructive role in rallying the peaceful consensus of member States. China will also continue to make active efforts to promote the political settlement of the issue, he said.
UN General Assembly adopts resolution on Ukraine calling for immediate ceasefire
