U.S. stocks continued to recover on Tuesday, adding to the previous day’s gains as the Dow Jones Industrial Average surged above 30,000 points.
The strong rally in the first two days of the fourth quarter helped push the major indices higher from 52-week lows.
The Dow rose 825.43 points, or 2.80%, to 30,316.32. The S&P 500 was up 112.5 points, or 3.06%, to 3,790.93, and the Nasdaq Composite was up 360.97 points, or 3.34%, to 11,176.41.
On Monday, the Dow rose nearly 765 points for its best day since June 24. The S&P 500 posted its biggest one-day gain since July 27, up 2.6%.
Stocks gaining Tuesday included Twitter (TWTR), which closed at $52.01, up $9.47, or 22.26%. Peloton Interactive (PTON) stock price rose $1.39, or 18.61%, to close at $8.86.
The two-day rally comes after a week-long slide. The Federal Reserve has signaled it will raise interest rates again after raising rates by 0.75% three times in a row.
Fed officials have said they will do whatever it takes to quell inflation and cool the economy.
“People like to hold on to good news, but … we won’t see a recovery in this market until the Fed signals that it will stop raising rates, and that won’t happen until inflation starts to fall,” Holly said Newman Kroft, wealth advisor at Neuberger Berman, told CNBC.
https://www.ibtimes.com.au/stock-market-today-dow-rockets-past-30000-points-1839201?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Dow Rocket over 30,000 points