At the beginning of the trading day, all three main U.S. stock indexes were doing well, with the Nasdaq leading the way. Tech giants, especially those connected to the recent excitement around artificial intelligence (AI), were driving the Nasdaq's performance.
On Tuesday, the stock market in the United States went up and the value of the dollar decreased. This happened because positive economic data reassured investors and made them more willing to take risks. The data helped ease concerns about a possible recession and boosted investor confidence.
Surprising increases in orders for long-lasting goods made in the United States, as well as strong numbers for new home sales and consumer confidence, helped calm concerns about a potential recession. This happened while the Federal Reserve was trying to reduce demand to control inflation.
Jay Hatfield, a portfolio manager at InfraCap in New York, said that we received a lot of information, which indicates that the economy is quite strong.
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