On Wall Street, stocks finished broadly higher again on Tuesday, adding to weekly gains for key indexes that had been stuck in a wide downturn due to inflation and recession fears.
The S&P 500 gained 1.1%, with almost 90% of the equities in the benchmark index gaining. The Dow Jones Industrial Average gained 1.1%, while the Nasdaq Composite gained 0.9%.
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Trading was volatile, with the Nasdaq briefly falling into the red as technology firms lost ground before rallying by the conclusion of the day. It was the latest snap reaction in a market that has been volatile in recent weeks. Major indexes are still stuck in a bear market, which is when they’ve fallen at least 20% from their most recent all-time highs.
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The S&P 500 rose 42.03 points to 3,719.98. The Dow added 337.98 points to close at 30,523.80, and the Nasdaq gained 96.60 points to 10,772.40.
Small company stocks also rose. The Russell 2000 index added 20.20 points, or 1.2%, to 1,755.96.
Bond yields were mixed. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.99% from 4.01% late Monday. The yield on the 2-year Treasury, which tends to track expectations for future Federal Reserve action, also fell to 4.43% from 4.45%.
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Lockheed Martin jumped 8.7% after reporting strong third-quarter earnings. That gave other defence stocks a boost. General Dynamics rose 3.8%, Northrop Grumman gained 6.7% and Raytheon Technologies added 3.4%.
Streaming sports service FuboTV rose 1.7% after giving investors an encouraging third-quarter update.
Healthcare giant Johnson & Johnson slipped 0.3% after reporting solid financial results, but a narrowed forecast as it deals with a strong U.S. dollar cutting into sales outside the U.S.
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Netflix surged 14.5% in after-hours trading after its latest quarterly results topped Wall Street’s forecasts. The streaming giant also reported an increase of 2.4 million subscribers during the July-September quarter. The stock fell 1.7% during regular trading before the company released its earnings. Its shares have lost more than half their value so far this year.
American Airlines, Union Pacific and American Express will report their results later this week.