US STOCKS-Wall Street ends sharply higher, fueled by Apple
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* Walmart (WMT) slides after cutting earnings forecast
* April retail sales rise in line with estimates (Updates with details on afternoon trading)
By
Ten of the 11 major S&P sector indexes advanced, with financials, materials and technology among the top performers.
Investors were cheered by data showing U.S. retail sales increased 0.9% in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants.
Recently punished shares of Microsoft Corp (MSFT), Apple Inc (AAPL), Tesla Inc (TSLA) and Amazon (AMZN) drove the S&P 500 and the Nasdaq higher.
Tuesday's broad rally followed weeks of selling on the U.S.
stock market that last week saw the S&P 500 sink to its lowest
level since
"The largest pockets of stocks that investors tend to buy
have been essentially beaten up. They're either in correction or
bear market territory," said
The S&P 500 Banks index jumped, with Citigroup (C)
climbing after
Another set of economic data showed industrial production accelerated 1.1% last month, higher than estimates of 0.5%, and faster than a 0.9% advance in March.
"This is consistent with continued economic growth in the
second quarter and not a recession underway," said
The U.S. Federal Reserve will "keep pushing" to tighten U.S.
monetary policy until it is clear inflation is declining, Fed
Chair
Traders are pricing in an 85% chance of a 50-basis point rate hike in June.
According to preliminary data, the S&P 500 gained 81.54 points, or 2.03%, to end at 4,089.55 points, while the Nasdaq Composite gained 323.23 points, or 2.77%, to 11,986.02. The Dow Jones Industrial Average rose 432.62 points, or 1.35%, to 32,659.17.
Walmart Inc (WMT) tumbled after the retail giant cut its annual profit forecast, signaling a bigger hit to margins.
Retailers Costco, Target (TGT) and Dollar Tree (DLTR) also fell.
United Airlines Holdings Inc (UAL) gained after the carrier lifted its current-quarter revenue forecast, boosting shares of Delta Air, American Airlines (AAL) and Spirit Airlines (SAVE).
A positive first-quarter earnings season has been
overshadowed by worries about the conflict in
The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 24%, hit by tumbling growth stocks.
U.S.-listed Chinese stocks jumped on hopes that
(Reporting by