NEW YORK — Most U.S. stocks rose on Tuesday and carried the market back to where it was before last week’s swoon.
The S&P 500 added 0.2% after erasing a loss taken during the morning. It’s been bouncing around lately, coming off Monday’s vigorous rebound following its first losing week in four.
The Dow Jones Industrial Average rallied 559 points, or 1.2%, to a record, surpassing its prior all-time high set two weeks ago. The Nasdaq composite lagged the market, though, as Nvidia got back to falling amid continued concerns that stocks caught up in the artificial-intelligence frenzy may have become too expensive. The Nasdaq dipped 0.3%
Helping to lead the market was Paramount Skydance, which jumped even though the entertainment giant reported revenue and profit for the latest quarter that fell short of Wall Street’s expectations.
It was the company’s first earnings report since Skydance closed its acquisition of Paramount in early August, and investors appeared to be encouraged that it raised its cost-cutting target to at least $3 billion from the previous $2 billion. Its stock leaped 9.8%.