WALL STREET END UP
par Stephen Culp
NEW YORK (Archyde.com) – The New York Stock Exchange ended higher on Tuesday, buoyed by hopes of easing tensions in Eastern Europe.
The Dow Jones Industrial Average gained 1.22%, or 422.67 points, to 34,988.84 points.
The broader S&P-500 gained 69.4 points, or 1.58%, to 4,471.07 points.
The Nasdaq Composite advanced for its part by 348.84 points (2.53%) to 14,139.76 points.
All three major indices posted solid gains during the day, with technology stocks notably carrying the Nasdaq.
Geopolitical tensions eased following Russia said it withdrew some of its troops near the Ukrainian border, benefiting stocks and pushing crude prices lower as supply fears eased .
Stocks briefly pared gains in late trading, when US President Joe Biden said diplomatic efforts were continuing.
“Great recovery today, thanks to (Russian President Vladimir) Putin,” said David Carter, managing director at Wealthspire Advisors.
“Markets have evolved according to Putin or (Jerome) Powell, chairman of the Federal Reserve,” he added. “Putin and his intentions towards Ukraine and Powell and his intentions concerning interest rates”.
On the economic front, a Labor Department report showed producer prices jumped in January at twice the rate expected, bolstering economists’ expectations that the Federal Reserve will tackle inflation. by raising interest rates.
“Inflation data suggests prices are rising, but the markets already knew that,” said David Carter.
The earnings season is coming to an end. Values Restaurant Brands International rose following the fast-food operator beat analysts’ estimates.
Hotelier Marriott International also rose thanks to better than expected occupancy rates.
Travel-related sectors advanced, with the S&P 1500 airlines index and the hotels, restaurants and leisure index both gaining ground.
Shares of Arista Networks surged following the company reported better-than-expected revenue for the current quarter.
(with Devik Jain, Susan Mathew and Shreyashi Sanyal; French version Camille Raynaud)
