Dow rallies 400 points as investors cheer strong U.S. economic data, earnings
U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.
U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.
The Dow Jones Industrial Average rose 406 points, or 1.25%. The S&P 500 gained 1.46%, and the Nasdaq Composite increased 2.32%, boosted by rising tech stocks.
Earnings season continued, giving investors hope that the market can recover. Moderna surged more than 15% and CVS Health gained nearly 5% after reporting earnings beats.
Stocks rebound as investors cheer strong economic dataAug. 3, 202203:16Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.
“We’re going to have to see convincing evidence across the board, headline and other measures of core inflation, all coming down convincingly before we’ll be able to feel like we’re doing our job,” Bullard said during a live “Squawk Box” interview.
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