The Dow Jones Industrials gained 155.81 points to 34,751.79.
The S&P 500 index sprang up 44.4 points, or 1%, to 4,477.71.
The tech-heavy NASDAQ index popped 203.34 points, or 1.5%, to 13,908.47.
With just three sessions left in August’s trading month, the Dow is on pace to finish 2.8% lower. The S&P 500 is pointing at a loss of 2.4%, and the NASDAQ is down 3.1%.
Chipmaker Nvidia led the charge of rising tech stocks with a gain of more than 3%. Shares of Meta Platforms, Tesla, Apple and Microsoft were all trading higher. The sector seemingly received a boost from falling bond yields following the release of new U.S. economic data.
Elsewhere, shares of retailer Best Buy added 5.6% after reporting an earnings beat. Telecommunications firm AT&T was also trading higher on an upgrade from Citi earlier in the day, and helped lead the S&P 500 higher. Salesforce ticked down 0.2% after JPMorgan removed the company from the firm’s list of top picks.
Coinbase surged 13% after the U.S. Court of Appeals for the DC Circuit said the Securities and Exchange Commission incorrectly denied Grayscale permission to convert its bitcoin trust into an exchange traded fund.
The major averages got a boost following the release of new U.S. economic data. The latest job openings and labor turnover survey showed a decline in open listings in July — a sign of stability in the jobs market. Meanwhile, the Conference Board’s consumer confidence index fell more than expected in August.
Prices for the 10-year Treasury gained ground, lowering yields to 4.17% from Monday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices handed back 28 cents to $80.38 U.S. a barrel.
Gold prices leaped $17.10 to $1,963.90 U.S. an ounce.