After a positive move on Tuesday morning, US stocks remained strong throughout the day’s session, closing with a strong rise thanks to continued buying at several counters.
Positive comments on strong retail sales and industrial production data, some positive earnings updates, and the strength of Federal Reserve Chairman Jerome Powell. Economy Helped to raise emotions.
Powell said he was confident that the central bank could raise interest rates and deal with inflation without a recession, but said it would be a difficult task.
“The economy is strong. I think we are in a position to withstand accommodative monetary policy,” Powell said.
According to data released by the Commerce Department, retail sales rose 0.9% in April after a 1.4% surge, which was revised upward in March. Economists expected retail sales to increase 0.7% compared to the 0.5% increase initially reported last month.
Excluding the recovery in sales by car and parts distributors, retail sales surged 2.1% in March and then rose 0.6% in April. Out-of-vehicle sales were expected to increase by 0.3%.
US industrial production increased 6.4% year-on-year in April 2022, following a 5.4% downward revision in AMarch.
All major averages ended in impressive profits. The Dow ended at 32,654.59 with a rise of 431.17 points or 1.34 percent. The S & P 500 rose 80.84 points (2.02%) to settle at 4,088.85, while the Nasdaq rose 321.73 points (2.76%) to settled at 11,984.52, just a few points down from the day’s highs.
Financial stocks have done a pretty good outing. JPMorgan Chase, Bank of America, Wells Fargo, American Express, Visa and Goldman Sachs rose 3-4%.
Boeing has risen by more than 6%. Walt Disney, Cisco Systems, Intel, Nike, Caterpillar, Apple, Honeywell International, IBM and Microsoft rose 2-3.5%.
Home Depot Share. After announcing that first-quarter revenue was $ 4.23 billion, or $ 4.09 per share, compared to $ 4.15 billion, or $ 3.86 per share, in the corresponding quarter last year. It increased by 1.7%.
Wal-Mart’s share price plummeted by more than 11% after first-quarter results were lower than expected. Supermarket giants have also reduced guidance for the second quarter and the full year.
In overseas transactions, Asian stocks rose sharply on Tuesday, with plans to gradually ease the blockade restrictions, following reports that Shanghai is showing a strong recovery from COVID cases.
European equities on Tuesday were supported by some promising economic data from the region and expectations of a recovery in demand in China after Shanghai promised to gradually ease Covid’s blockade in June. Closed the deal with a strong note.
The Pan-European STOXX 600 rose 1.22%. The UK’s FTSE 100 rose 0.72%, Germany’s DAX rose 1.59%, France’s CAC 40 rose 1.3%, and Switzerland’s SMI rose 0.5%.
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US stocks approach bright notes on strong data, Powell said
Source link US stocks approach bright notes on strong data, Powell said