After two days of decline, stocks rebounded on the back of improved sentiment as buyers emerged on dips. The most recent economic data revealed stronger-than-anticipated orders for manufactured durable goods and much stronger-than-anticipated home sales in May, dispelling earlier fears of a recession.
Positive news about China’s plans to deploy policies to boost domestic demand and open up markets further boosted investor sentiment.
On the monetary policy front, ECB Governor Christine Lagarde and other ECB members see little prospect of a pause in rate hikes in July or September, as inflation remains persistent.
Key Highlights From Tuesday’s Trading:
The S&P 500 jumped 0.8%, the Dow Jones ticked 0.4% higher while the tech-heavy Nasdaq 100 soared 1.3%.
Small caps in the Russell 2000 index outpaced large-cap indexes, gaining 1.6%.
U.S. Indices’ Performance on Monday
Index
Performance (+/-)
Value
Nasdaq 100
+1.3%
14,897.86
S&P 500 Index
+0.82%
4376.28
Dow Industrials
+0.45%
33,898.17
Russell 2000
+1.56%
1,851.65
Analyst Color:
Thanks to a strong rally off the October lows, the S&P 500 entered a new bull market on June 8 and "this young bull probably needs a breather," said LPL analysts Jeffrey Buchbinder and Adam Turnquist.
"A look at ...Full story available on Benzinga.com
Related tickers: AAPL, ILMN, SCHN, DIA, CCL, FEZ, DAL, FXE, GNRC, GLD, TSLA, SLV, UAL, SPY, AAL, TLT, QQQ, USO, UUP, XLC, XLE, WBA, XLK, SPCE, XLU, XLV, RIDE, XLY, LCID.
Read Full Article
