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Wall Street rallies from worst day in 2 years as Japanese stocks soar

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U.S. stocks are bouncing back, and calm is returning to Wall Street after Japan’s market soared earlier to claw back much of the losses from its worst day since 1987. The S&P 500 was rallying by 2.1% Tuesday and on track to break a brutal three-day losing streak. The Dow Jones Industrial Average was up 617 points, and the Nasdaq composite was up 2.

Specialist Patrick King, left, works at his post on the floor of the New York Stock Exchange, Tuesday, Aug. 6, 2024.Specialist Patrick King, left, works at his post on the floor of the New York Stock Exchange, Tuesday, Aug. 6, 2024.Specialist Patrick King, left, works at his post on the floor of the New York Stock Exchange, Tuesday, Aug. 6, 2024.

AP AUDIO: Wall Street rallies to bounce back from its worst day in nearly 2 years, as Japanese stocks soarStronger-than-expected profit reports from several big U.S. companies helped drive the market. Kenvue, the company behind Tylenol and Band-Aids, jumped 14.5% after reporting stronger profit than expected thanks in part to higher prices for its products. Uber rolled 11.2% higher after easily topping profit forecasts for the latest quarter.

The stock market’s “dip is not a blip,” he warned in a report, and called it “too soon to jump back in.”

 

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