NEW YORK: Wall Street stocks advanced again on Tuesday with technology shares outperforming ahead of President Donald Trump’s annual State of the Union address.
The Dow Jones Industrial Average rose gained 0.7% to 25,411.52.
The broad-based S&P 500 climbed 0.5% to 2,737.70, while the tech-rich Nasdaq Composite Index won 0.7% to 7,402.08.
US stocks continue to rally on optimism that Federal Reserve monetary policy will be benign, and the United States and China will reach a trade deal.
The S&P 500 has risen more than 16% since Dec 24.
In his address on Tuesday night, Trump is expected to emphasize infrastructure spending and argue the need for a wall along the Mexican border after a dispute with congressional Democrats shut the government for more than a month.
US services sector growth slowed modestly in January due to some impact from the government shutdown, according to a report by the Institute for Supply Management
Large technology companies, including Apple, Amazon and Netflix, climbed more than 1%.
Boeing was another big winner, jumping 3.3% after confirming it would lift production of its wide-body 787 aircraft to 14 per month from 12.
Other big winners included Estee Lauder, which surged 11.6% and Ralph Lauren, which won 8.4%. Both companies reported better-than-expected quarterly earnings.
But Gilead Sciences dropped 3.4% after the drug company reported quarterly earnings of US$1.44 per share, below analyst expectations for US$1.71.