Tech stocks powered the NASDAQ higher on Tuesday morning and steadied the broader market as Federal Reserve officials kicked off their March meeting.
The Dow Jones Industrials plummeted 131.22 points to 32,822.24
The S&P added to Monday’s record levels, picking up 4.15 points, to 3,973.09.
The NASDAQ Composite leaped 118.49 points to 13,578.20.
The market on Tuesday was supported by mega-cap tech stocks, with Apple and Google-parent Alphabet each adding 1.7% and Amazon adding 1%.
Apple and Amazon have underperformed in recent months as investors have shifted from growth stocks to value plays, but some of the more mature tech stocks now appear less expensive, according to some strategists.
On Tuesday Lennar and CrowdStrike are among the companies set to report earnings.
February retail sales fell by more than expected, down 3%, data released Tuesday showed, reflecting in part a month marked by severe weather across the United States. However, January’s retail sales figures were revised upward to a 7.6% jump from a 5.3% increase, so the markets largely ignored the number.
Despite the recent records for major averages, there’s growing concern among investors that interest rates may continue to climb, snuffing out the comeback for equities. Traders will get more guidance from the Federal Reserve on rates and inflation on Wednesday.
The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.
Prices for 10-Year Treasurys were lower, raising yields to 1.61% from Monday’s 1.60%. Treasury prices and yields move in opposite directions.
Oil prices skidded 86 cents to $64.53 U.S. a barrel.
Gold prices weakened $1.40 to $1,727.80.