Stocks Rise On Wall Street After Weeks Of Dreary Trading

Stocks rose broadly in morning trading on Wall Street Tuesday, Oct. 18, 2022, as the market continues to claw back more of the ground it lost in a miserable few weeks of trading, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: Technology companies and retailers had some of the strongest gains.

The S&P 500 rose 2% as of 10:13 a.m. Eastern. The Dow Jones Industrial Average rose 568 points, or 1.9%, to 30,759 and the Nasdaq rose 2.1%.

Technology companies and retailers had some of the strongest gains. Apple rose 2.4% and Home Depot rose 2.6%. Energy stocks made solid gains, despite U.S. crude oil prices slipping 1.8%.

The indiscriminate buying, which sent almost all of the stocks in the S&P 500 higher, was the latest knee-jerk motion in a market that has been moving erratically in recent weeks as traders try to figure out what’s next for inflation and interest rates.

Bond yields edged lower and took some pressure off of stocks. The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.98% from 4.01% late Monday. The yield on the 2-year Treasury, which tends to track expectations for future Federal Reserve action, fell to 4.43% from 4.45% late Monday.

Markets in Europe and Asia rose. A release of China’s most recent economic growth figures due out Tuesday was postponed, removing one factor that had been expected to drive trading.

No specific reason was given, but the GDP report might have conflicted with the confident tone of a Communist Party congress being held in Beijing, Elaine Kurtenbach and Matt Ott also reported for AP.

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