The Dow Jones Industrials triumphed 186.45 points to conclude Tuesday at 33,704.10
The S&P 500 was up 27.16 points to 3,919.25. The S&P 500 was up about 1.1% in the first five days of trading for 2023 through Monday, which some say is a good omen for the rest of the year.
The NASDAQ Composite Index advanced 106.98 points, or 1%, to 10,742.63. The average has rallied for the past three sessions as optimism over cooling inflation pushed investors to beaten-up technology stocks. It was the index’s first three-day win streak since November.
Wells Fargo upgraded AT&T to overweight from an equal weight rating, saying that shares look more attractive than Verizon.
Fed Chair Jerome Powell spoke Tuesday before the bell to the need for the central bank to stay politically independent while responding to inflation. Futures were little changed in response to his remarks.
Prices for the 10-year Treasury fell back, raising yields to 3.61% from Monday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices took on 31 cents to $74.94 U.S. a barrel.
Gold prices climbed $4.10 to $1,881.90 U.S. an ounce.