STOCK MARKET NEWS: Walmart, Home Depot lift Dow, housing hit again, below $90

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Symbol Price To change %To change
Me: DJI $33,912.44 151.39 0.45
SP500 $4,297.14 16.99 0.40
I: COMP $13,128.05 80.87 0.62

US stocks began to soar on Tuesday morning, with all three indices trading cautiously throughout the night.

Shares on Wall Street rebounded and closed higher on Monday, extending recent market gains as investors anticipate several updates from retailers this week.

The S&P 500 rose 16.99 points, or 0.4%, to 4,297.14 on Monday. The Dow added 151.39 points, or 0.5%, to 33,912.44. The Nasdaq gained 80.87 points, or 0.6%, to 13,128.05. The Russell 2000 rose 4.73 points, or 0.2%, to 2,021.35.

The market got off to a bumpy start as traders reacted to the news overnight Sunday. China’s central bank lowered a key interest rate, acknowledging that more needed to be done to shore up its economy.

The move is the latest warning to markets already nervous about record inflation and fears of recessions in the United States and elsewhere. China is the world’s second largest consumer of crude oil, so the news weighed on energy prices.

US crude oil prices fell 2.9% on concerns about the global economy and weighed heavily on energy stocks.

Nine of 11 S&P 500 sectors rose on Monday, with consumer staples and utilities leading the gains. Energy and materials stocks fell along with commodity prices.

Stocks have generally rallied since mid-June. Signs that US inflation peaked in early summer have investors hoping the Federal Reserve will raise rates at a slower pace starting in September.

That in turn pulled government bond yields down from their highs for the year and boosted the stock market. The yield on 10-year US Treasuries slipped to 2.790% from 2.848% on Friday.

Some investors say stocks have fallen enough this year to once again become attractive buying opportunities.

The S&P 500 has climbed 17% since June 16 but remains down 9.8% in 2022.

“When the S&P 500 drops you get a knot in your stomach, but when you’re scared it’s a good time to buy,” said Peter Boockvar, chief investment adviser at Bleakley Financial Group, which buys stocks. quality value stocks.

Meanwhile, Asian stocks mostly rose on Tuesday after Monday’s rebound on Wall Street, despite regional investor risks reflected in negative economic data out of China.

The benchmark index in Tokyo was little changed, erasing earlier gains, but indexes in South Korea and Australia advanced. Hong Kong’s benchmark index slipped, while Shanghai stocks rose.

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