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US Stock Market: DJIA, S&P500 and Nasdaq green in early trade on Tuesday

  • The Nasdaq rose 166.79 points or 1.56% to 10,842.59
  • Technology firms and retailers had some of the strongest gains
  • Energy stocks witnessed solid gains, despite US crude oil price falling by 1.8%

Written by:Devanshu
Published: October 18, 2022 03:40:35

US stocks rose sharply in morning trading on Wall Street Tuesday as the market continues to gain ground it lose in a miserable few weeks of trading. The S&P 500 rose 54.94 points or 1.5% to 3,732 as of 10:28 am Eastern time. The S&P 500 rose 2% as of 10:13 a.m. Eastern. The Dow Jones Industrial Average rose 568 points, or 1.9%, to 30,759. The Nasdaq rose 166.79 points or 1.56% to 10,842.59.

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Technology firms and retailers had some of the strongest gains. Apple surged 2.4% and Home Depot jumped 2.6%. Energy stocks witnessed solid gains, despite US crude oil price falling by 1.8%.

The indiscriminate buying, which sent nearly all of the equities in the S&P 500 higher, was the latest knee-jerk motion in a market that has been slumping in recent weeks as traders try to anticipate what’s next for inflation and interest rates.

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Bond yields slipped and took some pressure off of stocks. The yield on the 10-year Treasury, which helps determine mortgage rates, fell to 3.98% from 4.01% late Monday. The yield on the two-year Treasury, which often tracks expectations for future Fed action, slipped to 4.43% from 4.45% late Monday.

This week, the latest batch of corporate earnings is a big focus for investors. Goldman Sachs rallied 5% after reporting results that beat estimates. Streaming sports service FuboTV climbed 7.7% after releasing an upbeat third-quarter update.

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Johnson & Johnson remained unchanged after reporting better-than-expected financial results. However, the healthcare major slashed its future outlook as it deals with a strong US dollar cutting into sales outside the US.

Netflix and United Airlines will report their quarterly results on Tuesday. American Airlines, Union Pacific, and American Express will announce their results later this week.

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Equity markets in Europe and Asia surged. China postponed the release of its latest economic growth data, removing one factor that had been expected to drive trading.

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