The rally was broad based, with just six stocks in the S&P 500 index closing lower. Apple Inc (AAPL.O) rose 2.56% while Google parent Alphabet Inc (GOOGL.O) added 3.04%.īanks such as Citigroup, Morgan Stanley and Goldman Sachs climbed more than 3%. The megacap titans led the rally, with Inc (AMZN.O) climbing 4.50% and Microsoft Corp (MSFT.O) advancing 3.38%. Tesla shares had been up about 6% before the news and immediately pared gains, ending up 2.90% on the day. Twitter was the largest percentage gainer on the S&P 500. REUTERS/Andrew Kellyīillionaire Elon Musk proposed going ahead with his original offer of $54.20 to take Twitter Inc (TWTR.N) private, two sources familiar with the matter said on Tuesday, sending the social media firm's shares surging 22.24%. This is just a relief really as opposed to the start of a new bull market."Ī trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., September 13, 2022. "If one of the big guns warns that could end the rally rather quickly. I do think this earnings season is going to not be good," he said. The repercussions of higher rates will likely be reflected in corporate results when earnings season begins in two weeks, said Dennis Dick, founder and market structure analyst at Triple D Trading Inc. The Dow Jones Industrial Average (.DJI) and S&P 500 (.SPX) posted their biggest two-day rallies since April 2020. It was the biggest one-day gain for the S&P 500 since May 2020. Valuations on tech and other growth stocks fall when their cost of capital rises. Rate-sensitive tech stocks rose as yields on the benchmark 10-year Treasury fell for a second day in a row after the jobs data and RBA's surprise move. San Francisco Fed President Mary Daly said the central bank needs to deliver more rate hikes. central bank and it "may take some time" to address. Still, Fed Governor Philip Jefferson said inflation is the most serious problem facing the U.S. "That's what the market's kind of rallying on below the surface." Not stop raising interest rates, but just slow the pace," he said. "There's hope that the Federal Reserve at some point in the fourth quarter will say the same thing.
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