May 17 (Reuters) – Wall Street rose sharply on Tuesday, boosting shares of Apple, Tesla and other Megacop growth after strong retail sales in April, easing concerns about a slowdown in economic growth.
Advances with ten financials in 11 major S&P sector indices (.SPSY)Ingredients (.SPLRCM)At the discretion of the consumer (.SPLRCD) And technology (.SPLRCT) All get over 2%.
Investors were pleased with data showing a 0.9% increase in U.S. retail sales in April as customers improved on supply and bought motor vehicles among frequent visitors. read more
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Shares of Microsoft Corporation were recently penalized (MSFT.O)Apple Inc (AAPL.O)Tesla Inc. (TSLA.O) And Amazon (AMZN.O) Gains spearheaded between 2% and 5.1%, raising the S&P 500 and Nasdaq.
The broad-based rally on Tuesday saw the S&P 500 hit its lowest level since March 2021 last week after several weeks of sell-off in the US stock market.
Sylvia Zaplonsky, chief investment officer at Defiance ETF, said: “The biggest pockets of stocks that investors want to buy are basically broken. They are either under revision or in the market.” “I think investors are looking at these opportunities to buy in the fall. I doubt today is a good day to do that.”
S&P 500 Banks Code (.SPXBK) Up 3.8% with Citigroup (CN) Warren Buffett climbed almost 8% after Berkshire Hathaway (BRKa.N) Revealed nearly $ 3 billion in investment in U.S. lending.
Another set of economic data showed that industrial production accelerated by 1.1% last month, higher than the 0.5% estimate and faster than the 0.9% improvement in March. read more
“This is consistent with continued economic growth in the second quarter and there is no recession,” said Bill Adams, chief economist at Comerica Bank in Dallas.
The US Federal Reserve will “work” to tighten US monetary policy until inflation eases, Central Bank Chairman Jerome Powell said at an event on Tuesday. read more
Traders are setting the price with an 85% chance of a 50-point rise in June.
The S&P 500 rose 2.02% to close at 4,088.85 points.
The Nasdaq was up 2.76% at 11,984.52 points and the Dow Jones Industrial Average was up 1.34% at 32,654.59 points.
Underlining the recent volatility of the Wall Street, the S&P 500 has gained or lost 2% or more per session 39 times so far in 2022, compared to 24 times in 2021.
Walmart Inc. (WMT.N) The retail firm fell 11.4% after lowering its annual profit forecast, indicating victory for its margins. This represents the largest one-day fall in shares of Walmart since 1987. read more
Retailers Costco (COST.O)The goal (TGT.N) And the dollar tree (DLTR.O) Fell between 0.8% and 3.2%.
United Airlines Holdings Inc. (UAL.O) Delta Air shares up 7.9% after carrier raises its current quarterly earnings forecast (DAL.N)American Airlines (AAL.O) And Spirit Airlines (Save.n). read more
The positive first-quarter earnings season has been overshadowed by conflicts in Ukraine, rising inflation, COVID-19 locks in China and concerns about aggressive policy austerity by central banks.
The S&P 500 is down 14% so far in 2022, and the Nasdaq is down 23%, hit by a slump in growth stocks.
Chinese stocks listed in the United States jumped in the hope that China would ease its repression in the technology sector. read more
Progress issues are higher than declining issues at a rate of 2.92 to -1 in the NYSE; At Nasdaq, the 3.19-to-1 ratio was in favor of the advanced.
The S&P 500 recorded a new 52-week high and 30 new lows; The Nasdaq Composite set 24 new highs and 126 new lows.
The volume of US stock markets was 12.0 billion, compared to an average of 13.3 billion in the last 20 trading days.
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Report by Amruta Contegar and Devik Jain in Bangalore and Noel Randevich in Oakland, California; Editing by Shaunak Dasgupta and Lisa Schumacher
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