Nearly half of S&P 500 companies have reported third-quarter results, with 83% beating analysts’ expectations. (EPA Images pic)NEW YORK: An AI-fuelled tech rally sent US stocks to a higher close on Tuesday as third-quarter reporting season gained steam, while the Federal Reserve convened for its penultimate meeting of the year.
The buzz surrounding details of Anthropic's impending initial public offering helped boost chip stocks for the third consecutive session.
Growing concerns over the viability of debt-funded spending amid rising borrowing costs have weighed on the AI trade this month. The Philadelphia SE Semiconductor index, while off more than 20% from its June 22 record closing high, has outperformed the broader market this year, gaining 62.1% compared with the S&P 500's 12.8% year-to-date advance.
