Stocks Continue to Surge Wednesday Afternoon

U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.

The Dow Jones Industrials leaped 341.7 points to 32,737.87

The S&P 500 hiked 51.03 points or 1.3%, to 4,142.22.

The NASDAQ Composite surged 255.3 points, or 2.1%, to 12,604.03.

Earnings season continued, giving investors hope that the market can recover. Moderna surged more than 15% and CVS Health gained nearly 5% after reporting earnings beats.

Traders are also anticipating another batch of second-quarter earnings. Lucid Group and Spirit report after the bell.

Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told reporters Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.

Traders shook off anxiety that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip.

Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.

Better-than-expected economic data lifted stocks. The Institute for Supply Management non-manufacturing purchasing managers index, released Wednesday, showed a surprise rebound.

Treasury prices fell a bit first thing Wednesday, raising yields to 2.77%, from Tuesday’s 2.75%. Treasury prices and yields move in opposite directions.

Oil prices sank $2.28 to $92.14 U.S. a barrel.

Gold prices slipped $16.00 to $1,773.30 U.S. an ounce.

Stocks Continue to Surge Wednesday Afternoon

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