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Close Update: Wall Street Advances With Nasdaq Hitting Record as FOMC Awaited

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U.S. stocks were back in the green on Tuesday, with the Nasdaq Composite hitting a record high on gains in semiconductor stocks while the Dow Jones Industrial Average and the S&P 500 recouped some of the losses made a day earlier.

The three US benchmarks made gains in the month, with the Dow up 4.3%, the S&P 500 gaining 2.2% and the Nasdaq rising 3.6%. On the S&P 500, seven of the 11 sectors rose in October, with information technology leading while telecoms posted the steepest decline.

On Tuesday, Micron ( MU ) and NVIDIA ( NVDA ) rose after South Korean electronics giant Samsung reported third-quarter profit. But QUALCOMM ( QCOM ) dropped after the Wall Street Journal said Apple ( AAPL ) is designing iPhones and iPads for next year that would no longer use the chip maker's components.

Apple and Intel ( INTC ) posted the strongest increases on the Dow after the WSJ report said Apple is considering building devices that only include modem chips from Intel.

Consumer stocks also supported the gains, with Mondelez (MDLZ) rallying on strong earnings and Hormel Foods (HRL) advancing after agreeing to acquire Columbus Manufacturing, a deli meat and salami company, for about $850 million.

Investors were looking ahead to the Federal Reserve's interest rate announcement on Wednesday afternoon. Although it's widely expected that the target range will be maintained, the statement will be closely watched for any hints on whether a hike in December is likely.

Economic data was supportive, with consumer confidence hitting the highest level in 17 years and Chicago PMI climbed to 66.2 from the consensus of 62. Apart from the Fed, Wednesday's calendar has ADP private payrolls, a closely watched indicator ahead of Friday's key government labor report.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 28.50 points (+0.13%)

S&P 500 was up 2.43 point (+0.10%)

Nasdaq Composite Index was up 28.71 points (+0.43%)

GLOBAL SENTIMENT

FTSE 100 was up 0.07%

Nikkei 225 was flat

Hang Seng Index was down 0.32%

Shanghai China Composite Index was up 0.12%

UPSIDE MOVERS

(+) SNE (+11.74%) Q2 earnings top expectation, raises FY guidance

(+) GERN (+9.22%) Imetelstat receives FDA fast track designation

(+) BPOP (+7.57%) Publishes results of stress test

(+) NVAX (+6.86%) Upgraded at Citigroup to buy from neutral

(+) BURL (+5.49%) Raises Q3 guidance and seeks cheaper credit facility

(+) DENN (+1.79%) Plans $200 million stock buy back, secures new credit facility

DOWNSIDE MOVERS

(-) UAA (-23.66%) Beats Q3 EPS estimates but misses on revenue, guides FY17 below street view

(-) SANM (-15.66%) Misses Q3 views on earnings

(-) LL (-11.48%) Reported surprise loss, revenue misses expectations

(-) OHI (-6.81%) Reported soft Q3 results

(-) CDK (-4.22%) Releases mixed fiscal Q1 results and narrows FY earnings range

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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