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U.S. stocks posted solid gains on Tuesday as investors’ sentiment got a boost from a batch of robust corporate earnings. The rally was driven by tech stocks, while a jump in Treasury yields gave bank stocks a boost ahead of the release of key inflation data this week. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 1.1% or 372 points to close at 35,462.78 points, recording its best day in over a week.
The S&P 500 gained 0.8% or 37.65 points to end at 4,521.52 points. Materials, consumer discretionary and tech stocks led the rally.
The Consumer Discretionary Select Sector SPDR (XLY) gained 1.4%, while the Materials Select Sector SPDR (XLB) added 1.5%. The Technology Select Sector SPDR (XLK) added 1.2%. Eight the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 1.3% or 178.78 points, to finish at 14,194.45 points.
The fear-gauge CBOE Volatility Index (VIX) was down 6.21% to 21.44. A total of 10.3 billion shares were traded on Tuesday, lower than the last 20-session average of 12.3 billion. Advancers outnumbered decliners on the NYSE by a 1.58-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favored advancing issues.
Robust Earnings Reports Drive Markets
Stocks have been witness to a volatile start to the years as investors have been worrying on the stance the Fed adopts in rising interest rates over the next few months. Expectations are of an aggressive rate hike starting from March, which has been somewhat denting investors’ sentiment that has been taking a toll on stocks.
However, things looked a bit changed on Tuesday following a batch of solid corporate earnings. A steady flow of solid corporate earnings has given investors’ confidence the much-required boost. The upbeat sentiment got reflected during Tuesday’s trading session as investors set aside rate hike worries and rushed to buy stocks.
Tuesday was a broad-based rally that ranged from technology, materials and consumer discretionary stocks.
In some major corporate earnings Harley-Davidson, Inc. (HOG - Free Report) reported solid quarterly results. Shares of Harley-Davidson jumped 15.5% after the company reported fourth-quarter 2021 earnings of $0.14 per share, beating the Zacks Consensus Estimate of a loss of $0.41 per share. Harley-Davidson has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, shares of Amgen Inc. (AMGN - Free Report) and Chegg, Inc. (CHGG - Free Report) jumped 7.8% and 16%, respectively, following their quarterly updates.
Bank Stocks Rally
A jump in the 10-year Treasury yield on Tuesday sent bank stocks on a rally ahead of the key inflation reading scheduled to be released on Thursday. The 10-year Treasury yield rose 1.9%, up 3.9 basis points, hitting a new 52-week high and reaching its highest level since July 31, 2019.
No major economic data was released on Tuesday.
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Stock Market News for Feb 9, 2022
U.S. stocks posted solid gains on Tuesday as investors’ sentiment got a boost from a batch of robust corporate earnings. The rally was driven by tech stocks, while a jump in Treasury yields gave bank stocks a boost ahead of the release of key inflation data this week. All the three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 1.1% or 372 points to close at 35,462.78 points, recording its best day in over a week.
The S&P 500 gained 0.8% or 37.65 points to end at 4,521.52 points. Materials, consumer discretionary and tech stocks led the rally.
The Consumer Discretionary Select Sector SPDR (XLY) gained 1.4%, while the Materials Select Sector SPDR (XLB) added 1.5%. The Technology Select Sector SPDR (XLK) added 1.2%. Eight the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 1.3% or 178.78 points, to finish at 14,194.45 points.
The fear-gauge CBOE Volatility Index (VIX) was down 6.21% to 21.44. A total of 10.3 billion shares were traded on Tuesday, lower than the last 20-session average of 12.3 billion. Advancers outnumbered decliners on the NYSE by a 1.58-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favored advancing issues.
Robust Earnings Reports Drive Markets
Stocks have been witness to a volatile start to the years as investors have been worrying on the stance the Fed adopts in rising interest rates over the next few months. Expectations are of an aggressive rate hike starting from March, which has been somewhat denting investors’ sentiment that has been taking a toll on stocks.
However, things looked a bit changed on Tuesday following a batch of solid corporate earnings. A steady flow of solid corporate earnings has given investors’ confidence the much-required boost. The upbeat sentiment got reflected during Tuesday’s trading session as investors set aside rate hike worries and rushed to buy stocks.
Tuesday was a broad-based rally that ranged from technology, materials and consumer discretionary stocks.
In some major corporate earnings Harley-Davidson, Inc. (HOG - Free Report) reported solid quarterly results. Shares of Harley-Davidson jumped 15.5% after the company reported fourth-quarter 2021 earnings of $0.14 per share, beating the Zacks Consensus Estimate of a loss of $0.41 per share. Harley-Davidson has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, shares of Amgen Inc. (AMGN - Free Report) and Chegg, Inc. (CHGG - Free Report) jumped 7.8% and 16%, respectively, following their quarterly updates.
Bank Stocks Rally
A jump in the 10-year Treasury yield on Tuesday sent bank stocks on a rally ahead of the key inflation reading scheduled to be released on Thursday. The 10-year Treasury yield rose 1.9%, up 3.9 basis points, hitting a new 52-week high and reaching its highest level since July 31, 2019.
No major economic data was released on Tuesday.