U.S. stocks rose on Tuesday, with the Dow registering its fourth consecutive record high close as tech stocks rebounded from a post-election battering and energy stocks were boosted by a sharp rise in oil prices.
The Dow Jones industrial average extended its rally to seven days after it turned positive in late trading, while oil futures continued their rise and investors kept piling into technology stocks.
"Buyers who were waiting to buy technology stocks didn't have an option but to get involved and continue buying the strength. That's propelled them higher as the day went on," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
The technology sector was the S&P's biggest gainer, closing up 1.3 percent in a partial rebound from its 3 percent decline since Donald Trump's shock victory on Nov. 8. Investors set aside worries that the sector could be hurt by Trump's immigration and foreign trade policies.
The S&P's energy index was the next biggest driver, with a 2.7 percent rise, as U.S. crude oil jumped more than 6 percent from multi-month lows on expectations that OPEC will agree later this month to cut production..
The Dow Jones industrial average rose 54.37 points, or 0.29 percent, to 18,923.06, the S&P 500 gained 16.19 points, or 0.75 percent, to 2,180.39 and the Nasdaq Composite added 57.23 points, or 1.1 percent, to 5,275.62.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent in early trade on Wednesday, bouncing back from a four-month low touched the previous day.
Asian shares won the reprieve from a rally in Wall Street shares as the sell-off in global bonds and sharp gains in the dollar paused for now.
Japan's Nikkei .N225 rose 1.0 percent to nine-month high thanks to the fall in the yen against the dollar.
Reference: Reuters
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