The New York stock market experienced a widespread uptick on Tuesday.
Optimism surrounding a potential trade agreement between the U.S. and India fueled market sentiment, driving stock prices higher.
Both the Dow Jones Industrial Average and the S&P 500 extended their winning streak to six consecutive trading days since April 22.
The Nasdaq also rebounded from its previous day’s drop, joining the upward trend.
Meanwhile, U.S. President Donald Trump announced a plan to ease the tariff burden on automakers by exempting certain steel and aluminum tariffs, while gradually increasing duties on auto parts. This triggered a broad rally among automotive stocks, including Tesla.
Six-day Rally Continues
The Dow, comprising 30 blue-chip stocks, and the S&P 500, a broader market indicator, maintained their upward momentum for the sixth straight trading session.
The Dow Jones Industrial Average gained 300.03 points (0.75%) to close at 40,527.62, while the S&P 500 advanced 32.08 points (0.58%) to finish at 5,560.83.
The Nasdaq rebounded sharply, climbing 95.18 points (0.55%) to end at 17,461.32.
Automotive Sector Gains Traction
Stocks in the automotive industry, including electric vehicle manufacturers, showed significant strength.
The Wall Street Journal (WSJ) reported that Trump was scheduled to visit Detroit, Michigan – the heart of the U.S. auto industry – later that day to mark his 100th day in office. Sources suggested he would announce measures to ease auto tariffs during this visit.
The proposed measures aim to address the issue of overlapping tariffs faced by automakers, including exemptions on steel and aluminum tariffs, and partially offsetting tariffs for vehicles assembled in the U.S. for 2024 and 2025.
With the exception of General Motors, which withdrew its earnings forecast for the year, automotive stocks saw widespread gains.
Tesla shares jumped 6.15 USD (2.15%) to 292.03 USD, while Ford added 0.13 USD (1.30%) to close at 10.15 USD.
Stellantis, the multinational auto manufacturer formed by the U.S., Italy, and France, surged 0.23 USD (2.46%) to 9.59 USD.
Rivian rose 0.11 USD (0.83%) to 13.30 USD, and Lucid gained 0.03 USD (1.19%) to finish at 2.56 USD.
In contrast, General Motors slipped 0.30 USD (0.64%) to 46.94 USD.
Mixed Results for M7
While Tesla saw gains exceeding 2%, the Magnificent 7 tech stocks showed mixed performance.
Nvidia edged up 0.29 USD (0.27%) to 109.02 USD, and Apple, set to report earnings after the market close on May 1, rose 1.07 USD (0.51%) to 211.21 USD.
Morgan Stanley raised its price target for Apple from 220 USD to 235 USD, maintaining an overweight (buy) recommendation.
Microsoft rebounded, gaining 2.88 USD (0.74%) to 394.04 USD, while Meta Platforms climbed 4.70 USD (0.85%) to 554.44 USD.
On the downside, Alphabet dipped 0.36 USD (0.22%) to 162.06 USD, and Amazon closed down 0.31 USD (0.17%) at 187.39 USD.
