US stocks close higher as oil prices fall, chip sector recovers

US stocks closed higher on Tuesday, supported by lower oil prices and sovereign bond yields, as the chip sector recovered from the previous session’s selloff.

The Dow Jones Industrial Average gained 0.30%, or 160 points, to 53,577, marking its third consecutive positive session.

The broader S&P 500 rose 0.32%, or 24 points, to 7,677, while the Nasdaq Composite advanced 0.66%, or 171 points, to 26,151.

In Europe, the STOXX Europe 600 rose 0.35% to 656, closing near its all-time high.

The UK FTSE 100 gained 0.29% to 10,886, while Germany’s DAX rose 0.61% to 26,266. France’s CAC 40 fell 0.16% to 8,439.

In Japan, the Nikkei 225 advanced 0.50% to 65,856, while the broader TOPIX gained the same percentage to 4,093.

In oil, October Brent crude futures fell 3.89%, or $3.59, to $88.58 a barrel. October Nymex crude futures declined 3.12%, or $2.65, to $82.36 a barrel.

Gold futures for December delivery settled at $4,694.50 an ounce.

Chip stocks boosted Wall Street indexes as bond yields and oil prices declined. Gains were capped by weak consumer confidence and rising trade tensions between the US and Canada, as investors awaited inflation data and Kevin Warsh’s speech at Jackson Hole.