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U.S. Stocks Extend Rally for a Second Day
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Published Oct 04, 2022 10:05AM ET
Updated Oct 04, 2022 10:36AM ET
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks bounced again on Tuesday, with cooling Treasury yields giving a boost to big tech stocks as investors awaited this week’s report on jobs for September.
At 10:33 ET (14:33 GMT) the Dow Jones Industrial Average was up 744 points, or 2.5%, while the S&P 500 was up 2.8% and the NASDAQ Composite was up 3.3%.
The Dow jumped 765 points on Monday to start the month after September’s miserable performance. Stocks are coming back now that the Federal Reserve has raised interest rates another 0.75 percentage point, but investors are still trying to guess where it goes next.
The Fed doesn’t meet again until November. Until then, corporate earnings will roll out in the coming weeks, giving investors a glimpse at business conditions and the outlook. Already companies have reported pinched margins because of rising costs and changing consumer behavior because of inflation.
The job opening number for August was 10.05 million, below expectations and below the 11.1 million for July.
The yield on the 10-year Treasury fell to around 3.615%. It was more than 4% as recently as last week.
Poshmark Inc (NASDAQ:POSH) shares rose 13% after the used fashion marketplace agreed to a $1.2 billion sale to South Korean internet company Naver.
Rivian Automotive Inc (NASDAQ:RIVN) shares rose 8% after the electric vehicle maker said it would likely meet its production targets for the year.
OPEC is expected to cut production when it meets with allies later this week, with some expecting a cut of one million barrels. That is lifting oil prices. Crude Oil WTI Futures is up 2.2%, to $85.45 a barrel, while Brent Oil Futures crude is up to $90.89 a barrel. Gold Futures rose 1.2% to $1723 an ounce.
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