The S&P 500 index climbed 0.7% on Tuesday, propelled by advances in energy and technology sectors in a late spurt of purchasing.

The Nikkei 225 in Tokyo gained 1.6% to 27,497.60, while the S&P-ASX 200 in Sydney gained 1.2% to 7,089.90.

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New Zealand recorded a record-low unemployment rate of 3.2% on Wednesday. Finance Minister Grant Robertson called it an “extremely positive” outcome and proof that firms were still hiring despite the pandemic’s obstacles.

However, political opponents said that the true rate was about double the headline statistic, which they claimed was distorted since it did not include those who were not actively looking for employment. The seasonally adjusted statistic from Statistics New Zealand for the December quarter was the lowest since modern record-keeping started in 1986.

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The stock market in the United States is coming off its worst month since the beginning of the outbreak roughly two years ago.

Investors are attempting to figure out how impending Federal Reserve rate rises would affect the economy and business earnings, which are designed to temper inflation, which has risen to a four-decade high.

On Tuesday, the S&P 500 rose to 4,546.54. It is 5.2% below the Jan. 3 all-time high.

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The Dow Jones Industrial Average gained 0.8% to 35,405.24. The Nasdaq composite added 0.7% to 14,346. Exxon Mobil rose 6.4% after the company reported a strong fourth-quarter profit. Hewlett Packard Enterprise rose 2.9%.

The virus pandemic is still a lingering threat and each new variant could bring a surge of cases that threatens businesses and consumer activity. Fed officials said in mid-December plans to wind down bond purchases and other stimuli that is boosting prices would be accelerated to cool inflation.

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Consumers have kept spending despite price rises, but forecasters retail purchases might weaken and crimp economic growth. Investors expect the Fed to hike rates at least four times this year, starting in March.

In energy markets, benchmark U.S. crude gained 13 cents to $88.33 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 5 cents on Tuesday to $88.20. Brent crude, the price basis for international oils, added 18 cents to $89.34 per barrel in London. It fell 10 cents the previous session to $89.16.