The Nasdaq jumped 252.87 points (1.2%) to 21,169.42 and the S&P 500 climbed 45.87 points (0.7%) to 6,345.06. The narrower Dow posted a more modest gain, rising 81.38 points (0.2%) to 44,193.12.
Apple (AAPL) helped lead the markets higher, surging by 5.1% following reports the company will announce plans to invest another $100 billion to expand its U.S. operations during a White House event later today. Apple CEO Tim Cook is expected to join President Trump to announce plans to raise U.S. investments to $600 billion. Meanwhile, stocks saw mixed moves as McDonald’s rose 3% and Shopify surged 22% on strong earnings. In contrast, Super Micro Computer and Snap plunged 18.3% and 17.2% respectively on weak results, while Disney slipped after reporting mixed earnings.
Networking stocks turned in some of the market's best performances, with the NYSE Arca Networking Index surging by 5.6% to a record closing high. Arista Networks (ANET) helped lead the sector higher, soaring by 17.5% after reporting better than expected second quarter results and boosting its guidance.
Retail stocks was significantly strong, as reflected by the 2.8% jump by the Dow Jones U.S. Retail Index. Gold and airline stocks are turned in strong performances on the day. Pharmaceutical stocks notably moved downwards, dragging the NYSE Arca Pharmaceutical Index down by 1.9%.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index advanced by 0.6%, while China's Shanghai Composite Index climbed by 0.5%. The major European markets also moved to the upside on the day. While the German DAX Index rose by 0.3%, the French CAC 40 Index and the U.K.'s FTSE 100 Index both closed up by 0.2%.
In the bond market, treasuries moved lower after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, rose 2.4 bps to 4.22%.