Technology companies led a broad rally on Wall Street on Tuesday that drove the Dow Jones industrial average more than 400 points higher and gave the S&P 500 its best day in more than five months.Investors welcomed a decision by China’s central bank to inject $57 billion into its markets. The move is the latest step by Beijing to soften the financial blow of the recent coronavirus outbreak.
The moves by China signal to investors around the globe that the country’s leadership is doing what it can to provide liquidity to their economy, Delwiche said. The leapfrog move silenced a recession warning that had been ringing in the bond market, at least for now. Yields for short-term Treasuries are rarely higher than for longer-term Treasuries, and when it does happen, a rule of thumb says a recession may be on the way in about a year or so. This recession warning signal, which has a fairly accurate but not perfect history, had begun flashing in recent days on worries about the virus for the first time since October.
Wall Street continued to assess another busy round of corporate earnings Tuesday. Ralph Lauren jumped 9.2% and Clorox gained 5% after reporting solid financial results. Shares in Google’s parent, Alphabet, dropped 2.5% after the company gave investors a disappointing revenue report.Traders also continued to drive up shares in Tesla, pushing the stock 13.7% higher, following a 19.9% surge on Monday.
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