- The Dow Jones industrial average closed 397.82 points higher, or 1.18 percent, at 34098.10 points.
- The S&P 500 rose 1.36 percent to end at 4,003.58, its first close above 4,000 since September.
- The Nasdaq Composite also rose by 1.36 percent to 11,174.41 points.
Mixed earnings reports caused large swings in several stock prices. Best Buy jumped about 12.8 percent after the electronics retailer raised its 2023 financial outlook and beat earnings expectations, while Abercrombie & Fitch and American Eagle Outfitters rose 21.4 percent and nearly 18.2 percent, respectively, as they beat exceed their own expectations of results.
However, there were also more serious losers: Zoom’s share price fell roughly 3.9 percent, and Dollar Tree lost 7.8 percent on Tuesday after reporting disappointing results, but their forecasts were also downgraded, summarized the CNBC.
There are downside risks
Over the weekend, China reported its first death from the coronavirus since May, prompting health authorities to tighten epidemic protocols. Just a week ago, the country began to ease some of the strict Covid measures, and the opening of China could give a big boost to the entire world economy if consumption in the country were to start.
Stocks were helped by falling bond yields as investors turned their attention to 2023. Financiers also weighed comments from Federal Reserve officials: On Monday, Cleveland Fed President Loretta Mester said recent inflation data was promising and that she would support slowing the pace of rate hikes going forward. This could mean that the Fed will soon reach its final rate of between 4 and 5 percent, which would not take more liquidity out of the markets.
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Source: Napi.hu by www.napi.hu.
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