The Dow Jones Industrial Average rose 564.5 points, or 1.7 per cent, to 33,839.08, the S&P 500 gained 79.92 points, or 1.89 per cent, at 4,317.78 and the Nasdaq Composite added 232.72 points, or 1.78 per cent, at 13,294.19.
Burgin also pointed to better-than-expected earnings reports. While the current-quarter guidance has been weaker than previously expected, Burgin said analysts are still forecasting growth.According to the latest LSEG data, Wall Street is forecasting fourth-quarter earnings growth of 7.2 per cent, down from 11 per cent on October 1, before the reporting season began. And for the third quarter, 80.9 per cent of companies reporting so far have beat analysts' expectations while 14.
The small cap Russell 2000 index finished up 2.7 per cent for its biggest one-day percentage gain since June 6. All 11 major S&P 500 sectors rose, led by energy and rate-sensitive real estate with gains of more than 3 per cent each. The communications services sector rose least, adding 0.9 per cent, followed by consumer staples which gained 1.3 per cent.
Other big stock movers included Moderna, which sold off after lowering its 2023 Covid-19 vaccine sales forecast.
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