Stocks closed higher on Wall Street Tuesday, clawing back some of the ground they lost last week in their worst weekly drop since the beginning of the pandemic. The S&P 500 rose 2.4%. It’s still 21.5% below the record high it set in January. Markets will be closely watching congressional testimony this week from Federal Reserve Chair Jerome Powell for more clues about the Fed’s thinking about inflation and future interest rate hikes. The S&P 500 rose 89.95 points to 3,764.79. The Dow Jones Industrial Average, which fell below 30,000 last week for the first time since 2020, rose 641.47 points, or 2.1%, to 30,530.25. The Nasdaq rose 270.95 points, or 2.5%, to 11,069.30.
Technology stocks had some of the strongest gains. Apple rose 3.3% and Microsoft rose 2.5%. Retailers, health care companies, and banks also made solid gains. Kellogg rose 1.9% after the maker of Frosted Flakes and Rice Krispies said it would split into three companies. Spirit Airlines jumped 7.9% after JetBlue sweetened its buyout offer for the budget airline. oughly 90% of stocks within the S&P 500 gained ground. The index remains stuck in a slump, though, along with every other major index, and has posted a weekly loss in 10 out of the last 11 weeks.
Stocks have been generally sliding as investors adjust to higher interest rates that the Federal Reserve and other central banks are increasingly doling out. The aggressive rate hikes are part of a plan to temper record-high inflation, but investors are worried that the Fed risks slowing economic growth too much and bringing on a recession. The worries over inflation and interest rates have been worsened by a spike in energy prices following Russia's invasion of Ukraine. The price of US crude oil rose 1% to settle at $110.65 per barrel Tuesday. It's up about 52% for the year. (Some analysts say Monday's rally feels like a "dead-cat bounce.")
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