Stocks Vault on Efforts to Minimize COVID Fears - InvestingChannel

Stocks Vault on Efforts to Minimize COVID Fears

Stocks rose Tuesday morning as Wall Street looked past more China COVID lockdowns and instead focused on a host of strong earnings reports during a short week of trading for the Thanksgiving holiday.

The Dow Jones Industrials leaped by noon hour 282.62 points to 33,982.90

The S&P 500 restocked 30.53 points to 3,980.47,

The NASDAQ ticked higher 55.47 points to 11,079.98. Mixed earnings results led to a few big stock moves – Best Buy popped 11% after the electronics retailer hiked its 2023 fiscal outlook and beat earnings expectations, while Zoom fell 6.7% amid disappointing earnings and Dollar Tree slipped about 9% after a lower-than-expected outlook.

China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.

Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.

Investors are also watching for earnings reports from HP Inc and Nordstrom after the bell. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Prices for the 10-year Treasury climbed, lowering yields to 3.77% from Monday’s 3.83%. Treasury prices and yields move in opposite directions.

Oil prices stayed higher $1.83 to $81.87 U.S. a barrel.

Gold prices brightened $2.20 to $1,741.80 U.S. an ounce.

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