The U.S. stock market rose after getting a reminder that the artificial-intelligence technology boom may also have an upside.
The S&P 500 climbed 0.8% Tuesday and recovered nearly three-quarters of its loss from the day before, when worries worsened that AI could make some businesses and industries obsolete.
The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 1%.
AMD helped lead the market after announcing a multiyear deal where it will supply chips to power Meta Platforms’ AI ambitions.
IBM recovered some of its drop from the prior day, when worries about AI sent it to its worst loss since 2000.
On Tuesday:
The S&P 500 rose 53.32 points, or 0.8%, to 6,890.07
The Dow Jones Industrial Average rose 370.44 points, or 0.8%, to 49,174.50.
The Nasdaq composite rose 236.41 points, or 1%, to 22,863.68.
The Russell 2000 index of smaller companies rose 31.34 points, or 1.2%, to 2,652.33.
For the week:
The S&P 500 is down 19.44 points, or 0.3%.
The Dow is down 451.47 points, or 0.9%.
The Nasdaq is down 22.39 points, or 0.1%.
The Russell 2000 is down 11.45 points, or 0.4%.
For the year:
The S&P 500 is up 44.57 points, or 0.7%.
The Dow is up 1,111.21 points, or 2.3%.
The Nasdaq is down 378.31 points, or 1.6%.
The Russell 2000 is up 170.42 points, or 6.9%.