Dow rises over 530 points to log best day in 4 weeks; Nasdaq slides as chip stocks extend selloff

U.S. stocks finished mostly higher on Tuesday, as solid earnings and falling oil prices lifted the Dow, while another selloff in chip stocks weighed on the Nasdaq Composite.

The Dow Jones Industrial Average was up 537.24 points, or over 1%, to end at 52,747.32 — its best day in nearly four weeks, according to preliminary data from FactSet.

The S&P 500 rose 15.60 points, or 0.2%, ending at 7,428.78.

The Nasdaq Composite lost 55.17 points, or 0.2% to finish at 24,876.91. The tech-heavy index has fallen for five straight sessions, the longest losing streak since June 26.

Semiconductor shares came under heavy pressure on Tuesday, with the PHLX Semiconductor Index falling 4.5% and briefly pushing the Nasdaq-100 into correction territory. But a rally in software stocks and the so-called Magnificent Seven group of megacap tech companies helped the broader Nasdaq Composite recover most of its losses in afternoon action.