Wall Street moves ahead as growth and energy stocks boom


Traders work in the halls of the New York Stock Exchange

By Devik Jain and Anisha Sarkar

(Reuters) – Major US stock indexes rose on Tuesday as investors returned from a long US weekend and entered mega-cap growth names and energy companies, sectors that fell last week on concerns about a global economic slowdown.

Three of Wall Street’s major indices marked their third straight weekly loss on Friday, and the S&P 500 benchmark posted its biggest weekly decline since March 2020 on the heels of the Federal Reserve’s biggest rate hike in nearly three decades. registered.

Other major central banks, including the Swiss National Bank and the Bank of England, also raised rates last week, raising concerns that aggressive tightening measures would slow the global economy, possibly leading to a recession.

All 11 major S&P sectors were up on Tuesday. The biggest gainers were in energy, up 4.2%, as oil prices rose nearly $2 amid tight demand and inventories.

Apple Inc. and Tesla Inc. jumped 3.6% and 8.5%, respectively, boosting the Nasdaq.

At 11:49 (GMT), the Dow Jones was up 1.98% at 30,480.77, while the S&P 500 was up 2.50% at 3,766.81. The Nasdaq Composite Technology Index rose 3.06% to 11,129.24.


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