Dow Tops 52,000 as S&P 500 Extends Rally on Tech Strength

U.S. stocks pushed higher Tuesday, with the Dow Jones Industrial Average closing above 52,000 for the first time. The S&P 500 rose 0.4%, and the Nasdaq Composite added 0.6%, extending Monday's gains.

Technology shares led the advance. Nvidia climbed 2.1%, and Apple rose 1.3% after Wedbush analysts said the company's China memory-lobby efforts offered limited near-term relief but kept the long-term iPhone cycle intact. Microsoft added 0.8%.

The broader market also drew support from a ruling upholding birthright citizenship, which removed a legal uncertainty that had weighed on sentiment around immigration-dependent sectors. The decision, issued by a federal judge in Seattle, blocked an executive order that would have restricted automatic citizenship for children born in the U.S. to non-citizen parents.

In corporate news, SK Hynix filed for a Nasdaq listing, aiming to raise capital for its high-bandwidth memory expansion. The South Korean chipmaker plans to use proceeds to build out capacity for AI-related memory chips, a segment where it competes directly with Samsung and Micron.

The Dow's milestone came on relatively light volume. About 10.5 billion shares traded across U.S. exchanges, below the 20-day average of 12.1 billion. The S&P 500's gain pushed its year-to-date return to 4.8%, with the technology sector contributing roughly half of that advance.

Treasury yields edged lower. The 10-year note yield fell 2 basis points to 4.32%, while the 2-year yield slipped 1 basis point to 4.05%. The moves followed a $58 billion auction of 3-year notes that drew average demand.

The S&P 500's 14-day relative strength index stood at 62, below the 70 threshold that signals overbought conditions. The index traded at 21.5 times forward earnings, above the five-year average of 19.8, according to FactSet data.

The SPY (SPDR S&P 500 ETF Trust) carries an Alpha Score of 38 out of 100, a mixed reading that reflects the tension between momentum and stretched valuations.

Crude oil fell 1.2% to $72.80 a barrel after the American Petroleum Institute reported a larger-than-expected build in U.S. crude inventories. Gold slipped 0.3% to $2,335 an ounce.