The Nasdaq Composite closed up on the year for the first time since February as the broader market continued to rally.
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The tech-heavy index gained 0.8% to close in the black year to date for the first time since February. The S&P 500 rose 0.6%. The Dow Jones Industrial Average rose 214 points, or 0.5%. The Dow extended its winning streak to four days.
It seemed like the path of least resistance for the market was higher on Tuesday. The Job Openings and Labor Turnover Survey came in better-than-feared, and there weren’t any major updates on tariffs to derail momentum among tech stocks.
Mizuho analyst Daniel O’Regan writes that the No. 1 question he’s received from clients today is, “Why is the market rallying?”
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He points to a handful of possible factors including optimism on tariffs and trade negotiations, positioning, Credo Technology’s earnings report, stock buybacks, better-than-feared bond auctions, retail investor buying, and optimism about boosts from the Trump administration’s tax bill.
“Despite the move higher, volume is down across every sector except consumer staples,” O’Regan writes.
The next big test for the market will likely be Friday’s jobs report, which could begin to show signs of Trump administration policy moves like tariffs, job cuts, and crackdowns on immigration.
