Stock market today: Wall Street rallies for a second day, erasing some of April's losses

NEW YORK — Stocks rallied for a second straight day on Wall Street, softening what’s been a rough April. The S&P 500 added 1.2% Tuesday to pull further out of the hole created by a six-day losing streak. The Dow Jones Industrial Average climbed 0.7%, and the Nasdaq composite rose 1.6%. A weaker-than-expected report on U.S. business activity helped support the market, which remains in an awkward phase.

The preliminary report from S&P Global released Tuesday seemed to hit that sweet spot. Treasury yields eased in the bond market, and stocks added to gains immediately after its release. They helped overshadow a 7% drop for Nucor after the steelmaker fell short of forecasts for both profit and revenue.

JetBlue Airways lost 16.6% despite topping expectations for the latest quarter. Its forecasts for upcoming revenue came up short of what some analysts expected. Other airlines also weakened, including a 0.9% fall for American Airlines. Top officials at the Federal Reserve warned last week they may need to keep interest rates high for a while in order to ensure inflation is heading down to their 2% target. That was a big letdown for financial markets, dousing hopes that had built after the Fed signaled earlier that three interest-rate cuts may come this year.

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