Stocks closed higher Tuesday after another wobbly day on Wall Street. Investors shook off worries about the economy and rising interest rates to lift the S&P 500 nearly 1%, after bouncing back from an early loss of the same size. Technology stocks were some of the biggest forces lifting the market thanks to a drop in Treasury yields, the AP reports. The S&P 500 rose 39.25 points to 4,160.68. The Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33,180.14. The Nasdaq rose 113.86 points, or 0.9%, to 12,175.23.
Gains for Apple, Microsoft, and other technology stocks were some of the biggest forces driving the market higher thanks to a drop in Treasury yields. Stocks of energy producers also jumped as oil prices rose to roughly $120 per barrel, up more than 55% for the year so far. Exxon Mobil climbed 4.6%, and ConocoPhillips added 4.5%. Kohl’s soared 8.2% after the department store chain said it’s in advanced talks to sell itself for about $8 billion to Vitamin Shoppe owner Franchise Group. Jam maker JM Smucker rose 5.7% after reporting strong earnings.
Wall Street started the day with more pessimism, and stocks initially fell after Target warned of a hit to its profit margins as it slashes prices to clear out inventory. The retail giant sank 2.4%% after it announced the moves needed to keep up with customers' changing behaviors. Other retailers got caught in the downdraft, and Walmart fell 1.3%. Markets could remain erratic until more clarity emerges over inflation and the economy. The next big update on inflation arrives Friday, when the US government releases its latest reading on the consumer price index. (More stock market stories.)
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