US stocks trimmed losses and rallied fairly broadly on Tuesday, led by technology and energy stocks.
The Nasdaq Composite led the turnaround, up 1.4%, while the S&P 500 rose 0.95% and the Dow Jones Industrial Average climbed above 182 points, or 0.51%.
The 10-year government bond yield fell from a 12-month high to 1.745%.
|Me: DJI||DOW JONES AVERAGE VALUES||36290.32||+38.30||+ 0.11%|
|SP500||S&P 500||4726.35||+13.28||+ 0.28%|
|Me: COMP||NASDAQ COMPOSITE INDEX||15188.392289||+34.94||+ 0.23%|
Powell told lawmakers during his nomination hearing on Tuesday the central bank was still determined to fight inflation.
“I think inflationary pressures seem to persist until the middle of next year. And if it lasts longer, I’m just saying that our policies will continue to adapt, ”he said.
Consumer and producer prices are expected to rise 7% and 9.8% respectively on Wednesday and Thursday.
HERE, THE RISING PRICES ARE BEATING THE CONSUMERS MOST
|USE||UNITED STATES OIL FUND LP||58.91||+0.75||+1.29%|
Oil also jumped over 3% to close at $ 81.22 a barrel.
GAS PRICES WILL RISE AS OIL RISES $ 81 PER DRUM LEVEL
In stocks, IBM fell after the UBS team beat the stock with a sell rating.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||133.59||+0.72||+ 0.54%|
American Airlines shares rise after an SEC filing announced that earnings would be better than expected.
|EEL||AMERICAN AIRLINES GROUP INC.||18.50||-0.52||-2.73%|
“The company expects total fourth quarter revenue to decrease approximately 17% from the fourth quarter of 2019, which is better than the company’s previous forecast of a decrease of approximately 20%,” the company said.
|CVS||CVS HEALTH CORP.||105.78||-0.26||-0.25%|
|WHEEL||RITE AID CORP.||12.54||-0.72||-5.43%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||53.91||-0.42||-0.77%|
CVS Health has raised its outlook for the full year to earnings targets of up to $ 8.38 per share, up from the previously announced $ 8. The demand for COVID-19 vaccines and tests is driving profits.
Grocer Albertsohn is also raising its financial guidance for the full year, citing a “favorable economic environment” as it expects sales of up to $ 4.3 billion, up from its previous estimate of $ 4 billion. Still, executives warned that supply chain disruptions will affect business for the next 4 to 6 weeks.
|ACI||ALBERTSON’S COMPANY||29.63||+0.84||+ 2.92%|
Shack Shake rose in response to the COVID-19 staff shortage, with sales growing 20.8% in the fourth quarter in the same store
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