Dow jumps nearly 600 points, S&P 500 snaps 3-day losing streak as tech stocks bounce, oil prices slide; European markets close lower as Ukraine-Russia war weighs on sentiment; Pearson rises 8%
The S&P 500 rose on Tuesday for its first gain in four days, as oil prices continued to drop further below $100 and a reading of wholesale inflation came in lighter than expected.
The broad market index rose 2.1% to 4,262.45, though it remains more than 11% from its record. The Dow Jones Industrial Average added 599.10 points, or 1.8%, to 33,544.34. The tech-heavy Nasdaq Composite gained 2.9% to 12,948.62.
Peloton jumped 11.9% after Bernstein initiated coverage of it with an outperform rating and said recent losses make this an “absurdly attractive” entry point for investors.
The pan-European Stoxx 600 closed down 0.3%, paring some of its earlier losses. Basic resources fell 2% to lead losses while media stocks gained 1.8%.
February’s surge in energy prices led wholesale goods prices to their biggest one-month jump on record, the Labor Department reported Tuesday. The headline producer price index (PPI) rose 0.8% in February from the previous month. While that was slightly lower than the 0.9% estimated by Dow Jones, it still showed a 10% gain from the same time last year.
However, core PPI, which excludes food, energy and trade services, rose just 0.2%. That was below the expectation of 0.6%.
Global markets continue to be buffeted by events in Europe as Russia’s war on Ukraine wreaks death and destruction on the country.
In terms of individual share price movement, Anglo-Russian miner Polymetal International plunged more than 22% as the stock remains gripped by volatility linked to the conflict in Ukraine.
Source: CNBC, Investing.com