Stocks rose Tuesday, with gains accelerating into the final hour of trading, as investors were encouraged by strong earnings reports and the potential for smaller interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average jumped 400 points, while the S&P 500 and Nasdaq Composite each climbed 1.3% higher.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Corporate earnings were a major driver of market moves on Tuesday. Best Buy
Meanwhile, shares of Zoom Video Communications
Market participants also paid attention to some Fedspeak on Tuesday for more clues on the central bank's policy heading into the new year. Federal Reserve Bank of Cleveland President Loretta Mester said Tuesday restoring price stability remains the central bank's top priority.
"We're committed to using our tools to put inflation on a sustainable downward trajectory to 2%," she said at an event hosted by her bank Tuesday.
Elsewhere, COVID fears have returned to Wall Street as increased cases in China prompted officials to reinstate restrictions to curb the spread of the virus. China had begun to ease some of its "Zero-COVID" measures about a week ago.
Looking ahead, market participants are watching for earnings reports from HP
Wall Street will be closed on Thursday for the U.S. Thanksgiving holiday and will close at 1 p.m. on Friday.