Stocks rose on Tuesday as strong earnings and encouraging inflation data pushed the S&P 500 to its best January since 2019.
The Dow Jones Industrials flew 368.95 points, or 1.1%, to close Tuesday at 34,086.04.
The S&P 500 grabbed 58.83 points, or 1.5%, to 4,076.80.
The NASDAQ Composite popped 190.74 points, or 1.7%, to 11,584.55, for its best January since 2001.
Traders assessed how some of the largest firms are faring amid high inflation and fears of slowing consumer spending. General Motors shares jumped about 8.4% after the auto manufacture posted strong earnings. PulteGroup shares surged 9.4% after the homebuilder reported better-than-expected earnings. Shares of Exxon Mobil also rose nearly 2.2% following earnings.
Investors on Tuesday got bullish news on the inflation front before the Federal Reserve’s latest decision on interest rates. The employment cost index, which is an important measure of wages eyed by the Fed, showed compensation increased … Read more