“The [stock] market came into this week oversold, so it was time for a bounce,” said Quincy Krosby, chief equity strategist at LPL Financial in Charlotte, North Carolina.
Also, the University of Michigan consumer sentiment survey’s reading on five-year inflation expectations was positive for stocks, Krosby said. It eased to 3.1% from the preliminary 3.3% estimate in mid-June.The Dow Jones Industrial Average rose 823.32 points, or 2.68%, to 31,500.68, the S&P 500 gained 116.01 points, or 3.06%, to 3,911.74, and the Nasdaq Composite added 375.43 points, or 3.34%, to 11,607.62.The pan-European STOXX 600 index rose 2.
In the Treasury market, yields have dropped from more than decade highs reached before last week’s Fed meeting. The US central bank hiked rates by 75 basis points at the meeting.
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