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Stock Market Today: Dow Closes Higher as Tech Leads Rally

Stock Markets Jun 23, 2022 04:17PM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks closed higher as tech stocks led the Dow in a late afternoon rally.

Federal Reserve Chair Jerome Powell wrapped up his two-day semiannual testimony on Capitol Hill, telling lawmakers about the state of the economy and answering questions about inflation and central bank policy.

At 4:14 PM ET the Dow Jones Industrial Average was up 194 points or 0.6%, while the S&P 500 was up 0.9% and the NASDAQ Composite was up 1.6%.

Stocks closed Wednesday on a sour note after Powell told lawmakers in the Senate a recession was possible but that the central bank was “strongly committed” to taming inflation using interest rate hikes. He also said the economy was strong enough to endure multiple rate increases.

UBS joined Goldman Sachs and Citigroup in raising the odds of a recession at some point in the next year. The Swiss banking company put the odds at 69%.

Shares of home builder KB Home (NYSE:KBH) rose more than 8% after it renewed its outlook for the year despite saying it sees the housing market moderating this year. 

Funko Inc (NASDAQ:FNKO) shares rose 12% after an upgrade from JPMorgan to overweight. The analysts called the toy industry a safe haven in the current market.

Darden Restaurants Inc (NYSE:DRI) shares rose 0.4% even after it reported profit of $2.24 a share on revenue of $2.6 billion, both beating expectations

Shares of Occidental Petroleum Corporation (NYSE:OXY) rose 0.6% after Warren Buffett’s conglomerate Berkshire Hathaway (NYSE:BRKa) disclosed it bought more than $500 million of shares to raise its stake to 16.3%.

Oil couldn't hold onto earlier gains. Crude Oil WTI Futures fell 1.9% to under $105 a barrel, while Brent Oil Futures fell 1.6% to under $110 a barrel. Gold Futures fell 0.6% to $1,826.

Stock Market Today: Dow Closes Higher as Tech Leads Rally
 

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Comments (10)
bsun sun
bsun sun Jun 23, 2022 7:56PM ET
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once the Ukraine and Russian conflict is over . The inflation talk will also be over Price of the crude will go down and so does the talks on the inflation.
scott fielding
scott fielding Jun 23, 2022 7:56PM ET
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Agree, but maybe if it goes on much longer, the economic damage will be done.
Oleksii Stefanovych
Oleksii Stefanovych Jun 23, 2022 7:56PM ET
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being Ukrainian, i can say the war won't be over soon
Kerry Ditto
Kerry Ditto Jun 23, 2022 7:49PM ET
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Fed's group thinking is wrong. Inflation was caused primarily by the supply side, but the thinking wants to punish the demand side. Absurd.
Ric Later
riclater211 Jun 23, 2022 7:23PM ET
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savings account interest rates jumped 100% in 100 days. think about that for a second.
John Kochkerian
John Kochkerian Jun 23, 2022 7:23PM ET
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What goes up must come down
Ric Later
riclater211 Jun 23, 2022 7:21PM ET
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don't fall for the trap. more seeking to come.
Ricardo Diogo
Rcd72 Jun 23, 2022 6:41PM ET
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the fake rally... just will get smashed soon on the .75 upcoming rise and the start of the ffm ( farse fake money) fed balance sheet bubble deflation
Buy And Sell
Buy And Sell Jun 23, 2022 5:47PM ET
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Beware of total crash coming very soon. It will be very ugly on wall street...
Randall Paul
Randall Paul Jun 23, 2022 5:45PM ET
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love the word rally.
Al Ose
Al Ose Jun 23, 2022 5:37PM ET
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Sold off pretty sharp after hours
Mitchel Pioneer
Mitchel Pioneer Jun 23, 2022 5:08PM ET
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Biggest investment joke in the world.
Dave Jones
Dave Jones Jun 23, 2022 4:22PM ET
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Makes perfect sense! Everything is awesome!
Stephen Corsaro
Stephen Corsaro Jun 23, 2022 4:22PM ET
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ah..not really. Everything is in chaos. Trying to "guess" what way the market will go in the next few years is impossible these days. It doesn't "feel" good historically speaking but you never know.
Steve Bojo
Steve Bojo Jun 23, 2022 4:22PM ET
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