Stocks bounced back on Tuesday from the lowest levels since July as investors eyed bargains in battered tech stocks while tracking inflation pressures in the global economy.
The Dow Jones Industrial Average jumped 438 points, or 1.3%, to 34,441 while the broader S&P 500, which started the session 5% south of its September 2 peak, gained 1.39%.
The Nasdaq gained 1.56% even as benchmark 10-year note yields rose to 1.524% in early New York trading.
Stocks were also given a boost from a stronger-than-expected reading of September services activity, the biggest component to U.S. GDP growth, which rose by 1 point to 61.9, well above the 50 point mark that separates growth from contraction.
Facebook shares climbed as the social media giant slowly returns to full service following its longest outage in more than a decade.
Meanwhile, Facebook whistleblower Frances Haugen testified before Congress.
Haugen, who was hired as a product manager on the civic misinformation team at Facebook, told a Senate subcommittee that the social media giant “put their astronomical profits before people” and asked for congressional action to rein in the company.
PepsiCo rose after the consumer brands company topped Wall Street’s third-quarter earnings forecast, and nudged its full-year revenue forecast modestly higher, thanks in part to an ongoing rebound in post-pandemic beverage demand.
Shares of Johnson & Johnson advanced after the drugmaker filed for formal FDA approval of its COVID-19 booster shot.
Oil prices extended gains Tuesday following Monday’s decision by OPEC leaders to stick to its previous plans for a small increase in production even as a rolling energy crisis in China continues to boost commodities in major markets around the world.
WTI futures for November delivery rose 1.84% to $79.05 per barrel while Brent contracts for December, the global pricing benchmark, were up $1.83 at $82.75 per barrel.
This article was originally published by TheStreet.