NEW YORK, July 21 (Xinhua) -- U.S. stocks closed higher on Tuesday, as a rebound in semiconductor equities and a wave of upbeat corporate earnings updates lifted market sentiment, overriding fresh geopolitical uncertainties and new trade tariff announcements.
The Dow Jones Industrial Average rose 385.38 points, or 0.74 percent, to 52,224.64. The S&P 500 added 65.92 points, or 0.89 percent, to 7,509.2. The Nasdaq Composite Index increased by 329.13 points, or 1.29 percent, to 25,837.21.
Nine of the 11 primary S&P 500 sectors ended in the green, with technology and energy leading the gainers by going up 2.35 percent and 1.15 percent, respectively. Consumer staples and communication services were the only laggards, falling 1.01 percent and 0.85 percent, respectively.
Storage and memory makers spearheaded the advance. Micron Technology jumped more than 12 percent, while Intel advanced 8.64 percent. High-speed connectivity provider Marvell Technology surged 6.68 percent, and data center hardware specialist Astera Labs added nearly 3.5 percent.
In another high-profile AI deal, Dutch AI infrastructure provider Nebius Group skyrocketed 18.78 percent after Nvidia disclosed a strategic equity stake of over 9 percent in the firm, signaling continued institutional expansion into specialized cloud hosting infrastructure.
Optimism surrounding technological growth helped investors look past fresh friction on the international trade front. U.S. President Donald Trump unveiled a new round of 50-percent tariffs targeting a wide array of Canadian imports, including chemicals, dairy products, beer, and sporting goods. Set to take effect in 29 days, the proposed levies raised fresh concerns regarding a potential tit-for-tat trade escalation with the key North American trading partner.
Meanwhile, the second-quarter corporate earnings season shifted into high gear with a flurry of positive reports. Industrial conglomerate 3M jumped over 7 percent after its second-quarter profit comfortably surpassed Wall Street expectations, while General Motors advanced nearly 5 percent following earnings beats. Toymaker Hasbro rose 8.81 percent. On the losing side, life sciences firm Danaher led the S&P 500 decliners, sinking nearly 11 percent on a downbeat full-year outlook.
According to data from FactSet, the second-quarter reporting cycle is off to an exceptionally strong start. Of the roughly 66 S&P 500 components that have published financial disclosures so far, nearly 88 percent have topped Wall Street analysts' bottom-line earnings estimates.
Market strategists noted that while solid fundamental earnings are providing a firm floor for equities, many institutional investors remain watchful ahead of high-stakes quarterly reports scheduled later this week from tech heavyweights Alphabet, IBM, and Tesla. ■
