Reuters. – US stocks rose on Tuesday, led by a sharp rise in the Nasdaq, as technology shares and other big growth names rebounded from recent losses, while Nike advanced after announcing encouraging quarterly results.
* The financial sector also gains with the benchmark 10-year Treasury yield rising to 2.36%, with the S&P 500 banking index rising strongly.
The Federal Reserve raised interest rates this month and central bank officials appear to be taking a bolder stance to rein in inflation. While higher borrowing costs are negative for consumers and many businesses, they help boost profit expectations for banks.
Big technology drives progress
*Apple Inc, Microsoft Corp, Amazon.com Inc, Meta Platforms Inc and Alphabet Inc were among the companies that gave the most support to the S&P 500 and Nasdaq.
* The S&P 500 tech index is up today but is still down about 10% in the quarter so far, making it among the steepest declines of any major sector.
Follow business information and news in Forbes Mexico
* Based on preliminary closing data, the Standard & Poor’s 500 Index rose 51.38 points, or 1.15%, to 4,512.56 points, while the Nasdaq Composite Index increased 270.91 points, or 1.96%, to 14,109.37 points. The Dow Jones Industrial Average advanced 263.63 points, or 0.76%, to 34,816.62 points.
Nike shares also rose after it beat expectations for quarterly earnings and revenue and after it said manufacturing problems that affected sales in the past six months were behind it.
* Tesla Inc jumped as the electric car maker delivered its first German-made vehicles to customers at its Gruenheide gigafactory plant.
Follow us on Google News to stay updated