Business Maverick: Stocks Surge Higher as Nasdaq 100 Rally Tops 2%: Markets Wrap

The S&P 500 climbed, jumping more than 1.5% with all 11 industry groups rising. The broad rally was mirrored in the tech-heavy Nasdaq 100, up more than 2%, as megacaps Apple Inc. and Alphabet Inc. bounced back from Monday’s losses ahead of Netflix Inc.’s earnings due later today. Johnson & Johnson gained even as it lowered its earnings and revenue forecast for the year.

On the earnings front, Hasbro Inc., the largest US toy company, gained after earnings beat analyst estimates, while Lockheed Martin Corp. slipped after the defense contractor cut its forecast. International Business Machines Corp. also fell as the tech company lowered its forecasts for free cash flow.the European Central Bank may consider raising interest rates on Thursday by double the quarter-point outlined previously to counter worsening inflation.

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