US stocks were higher in early afternoon trading on Tuesday, with all the three major indexes poised for their best one-day percentage gains in more than a week, led by technology stocks. Nine of the 11 major S&P sectors were higher, with the heavyweight tech index up 1.27 percent, rising for the first time in four days. The materials index also jumped more than 1 percent, poised for its best day in four weeks, boosted by rising commodity and metals prices.
Metals prices, including of copper, zinc and nickel, were higher, despite a slight pullback, against a backdrop of strong results for mining firms and talk of shortages in some metals. The absence of major news from the White House and on the tensions between the United States and North Korea - two major factors that roiled the market in the past two weeks - also helped calm nerves.
"As the pockets of political worries that have caused short-term spikes and volatility ebb and flow, the market is rightfully focused on the solid fundamentals," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. At 12:50 pm ET (1650 GMT), the Dow Jones Industrial Average was up 148.23 points, or 0.68 percent, at 21,851.98 and the S&P 500 was up 19.15 points, or 0.79 percent, at 2,447.52.
The Nasdaq Composite was up 70.75 points, or 1.14 percent, at 6,283.87. So far, 257 stocks have hit new 52-week highs, while 244 have hit fresh 52-week lows across all US exchanges. If the ratio holds, it will mark the first time in ten sessions that more stocks have hit highs than lows.
Investors await the annual central bankers meeting in Jackson Hole, Wyoming, later this week. Federal Reserve Chair Janet Yellen's speech on Friday will be closely watched for a steer on US monetary policy, but central bank observers do not expect her to give new guidance.
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