KEY TAKEAWAYS:

Dow rises 539 points, nearing record high

Paramount and FedEx lead gains with strong outlooks

Nvidia drops as AI stock valuations face scrutiny

Traders expect possible Fed rate cut in December

Most of Wall Street is rising on Tuesday, and the U.S. stock market is back to where it was before last week’s swoon.

The S&P 500 added 0.2% after erasing a loss taken during the morning. It’s been bouncing around lately, coming off Monday’s vigorous rebound following its first losing week in four.

The Dow Jones Industrial Average rallied 539 points, or 1.1%, and was on track to surpass its record set two weeks ago. The Nasdaq composite lagged the market, though, as Nvidia got back to falling amid continued concerns that stocks caught up in the artificial-intelligen

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