U.S. stocks ended higher on Tuesday, with the tech-heavy Nasdaq rising by more than 2 percent after official data shows easing inflationary pressures.
At the close of trading, the Dow Jones Industrial Average rose 408.63 points, or 1.04 percent, to 39,765.64. Standard and Poor's 500 index added 90.04 points, or 1.68 percent, to 5,434.43. The Nasdaq Composite Index increased by 407.00 points, or 2.43 percent, to 17,187.61.
Ten of the 11 primary Standard and Poor's 500 index sectors ended in green, with technology and consumer discretionary leading the gainers by going up 3.00 percent and 2.42 percent, respectively. Meanwhile, energy bucked the trend by dropping 1.02 percent.
The latest U.S. Producer Price Index (PPI) data for July, released on Tuesday, showed that both the month-on-month and year-on-year increases were lower than expected. This data confirmed further easing of inflationary pressures in the U.S., reinforcing market expectations that the Federal Reserve may begin cutting interest rates in September.
As investor risk appetite improved, all three major U.S. stock indices closed higher on the day. The "Magnificent Seven" tech giants - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla - saw gains, with chipmaker Nvidia leading the way with a 6.53 percent increase.
Data shows that some investors have been actively buying the dip in tech stocks during their recent pullback. Over the past four trading days, Nvidia's stock price has rebounded by 17 percent, adding more than 420 billion U.S. dollars to the company's market value.
However, Nvidia executives have been selling company stock frequently in recent months. The management and board members sold more than 700 million U.S. dollars' worth of stock in the first half of this year, setting a record high for the same period.
US stocks surge as inflation data eases concerns
Festive receptions were held by Chinese embassies to celebrate the upcoming Spring Festival, with the promotional video for the 2025 China Media Group (CMG) Spring Festival Gala unveiled to add festive atmosphere to the events.
The Spring Festival centers around the Chinese New Year, which lands on Jan. 29 this year, ushering in the Year of the Snake.
The Chinese Embassy in Tajikistan hosted a Spring Festival reception on Jan. 20 for overseas Chinese in Tajikistan. Nearly 300 people, including representatives of overseas Chinese groups such as the Chinese Chamber of Commerce in Tajikistan, the Federation of Overseas Chinese, teachers and students from the local Confucius Institute, and international students in Tajikistan, gathered to celebrate the coming of the Year of the Snake.
In his speech delivered at the reception, China's Ambassador to Tajikistan Ji Shumin said that China's high-quality development and high-level opening-up have injected certainty and stability into a turbulent and changing world. China-Tajikistan cooperation in various fields has been promoted across the board, and the development of bilateral relations has reached a new level. Looking forward to 2025, China-Tajikistan relations will shine with new vitality and bring more benefits to the people of both countries, said the ambassador.
The promotional video for the 2025 CMG Spring Festival Gala was played in a loop at the reception. By watching the video, guests felt the festive atmosphere of the Spring Festival and the unique charm of Chinese traditional culture.
At the reception, overseas Chinese in Tajikistan performed a variety of cultural programs created by themselves. The joyous lion dance, the melodious guzheng performance, and the passionate Tajik eagle dance added a great deal to the festive atmosphere.
The Chinese Embassy in the Philippines, the Federation of Philippine-Chinese Chambers of Commerce and Industry, the Federation of Philippine-Chinese Associations, and the Philippine-Chinese Chamber of Commerce jointly held a Spring Festival reception on Jan. 19. More than 1,000 people from the Philippine government, Congress, overseas Chinese, people from all walks of life, and foreign diplomatic envoys to the Philippines gathered to celebrate the festival.
Huang Xilian, Chinese Ambassador to the Philippines, extended New Year greetings to people from all walks of life in China and the Philippines, saying that the Spring Festival is a common festival for the people of many countries, including China and the Philippines, and has been listed as an intangible cultural heritage of humanity by UNESCO. He said that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the Philippines, and he hopes that both countries will cherish and maintain the bilateral relations for greater benefits to the people of the two countries.
Philippine Vice President Sara Z. Duterte and Louise Araneta-Marcos, wife of Philippine President Ferdinand Romualdez Marcos Jr., extended new year greetings via video link. Duterte said that the 50th anniversary of the establishment of diplomatic relations between the Philippines and China is of great significance, and she looks forward to the two countries working together to create a harmonious and prosperous future. Marcos said that the Philippines-China relations have been developing continuously for decades, which truly reflects the long-term friendly relations between the people of the two countries.
The promotional video for the 2025 CMG Spring Festival Gala was played at the reception. The festive atmosphere and gorgeous stage design attracted the attention of all the guests present.
Chinese embassies hold receptions to celebrate upcoming Spring Festival