U.S. Stocks Rise after Three-Day Sell-Off

  • by:
  • 08/21/2022

U.S. Stocks Rise after Three-Day Sell-Off (Bloomberg)

U.S. stocks rose Tuesday, with the Standard & Poor’s 500 Index rebounding from its worst slump since June, fueled by earnings at companies from Pfizer Inc. to D.R. Horton Inc. topping estimates and consumer confidence rising. The S&P 500 (SPX) rose 0.6 percent to 1,792.50, while the Dow Jones Industrial Average climbed 90.68 points, or 0.6 percent, to 15,928.56. About 6.6 billion shares changed hands on U.S. exchanges, 6.8 percent more than the three-month average. Pfizer, the world’s biggest drugmaker, jumped 2.6 percent after its earnings beat estimates as it cut costs and benefitted from a reduced tax rate. An index of homebuilders surged 5.3 percent as D.R. Horton jumped 9.8 percent and a report showed home prices climbed. American International Group Inc. rose 2.5 percent after Bank of America Corp. announced it expects the insurer to buy back $10 billion of stock during the next two years. But Apple Inc. tumbled 8 percent as iPhone sales trailed estimates. Wednesday’s trading will be affected by results of the last  Federal Reserve policy meeting led by outgoing Chairman Ben Bernanke, who will be succeeded by Janet Yellen on Feb. 1.

Image:
ADVERTISEMENT

Opinion

View All

British schoolchildren more violent due to lockdown–causes developmental delays: BBC study

Nearly one in five teachers at schools across England reported being hit by a student in the past yea...

London features 'Happy Ramadan' lights throughout city over Easter weekend

The lights have drawn criticism from prominent conservatives who insisted that the council ought to s...

Polish foreign minister claims US was aware of Nord Stream pipeline attack but 'did not prevent it'

Radoslaw Sikorski suggested it was done by "someone who had a vested interest in it."...