Stocks Rocket to Biggest Gain in Months

The S&P 500 index surged 61.62 points, or 2.3 percent, to 2,743.79, its biggest gain since March 26. The S&P 500 has gained 4.2 percent this week, but would still need to rise another 6.8 percent to return to its record high from late September.

The Dow Jones Industrial Average jumped 617.70 points, or 2.5 percent, to 25,366.43. The Nasdaq composite rose 208.89 points, or 2.9 percent, to 7,291.59. The Russell 2000 index of smaller-company stocks gained 37.53 points, or 2.5 percent, to 1,530.38.

After an initial decline, bond prices turned higher, sending yields lower. The yield on the 10-year Treasury note fell to 3.06 percent from 3.07 percent earlier in the day. It stood at 3.05 percent late Tuesday. The yield on the 2-year note steadied at 2.81 percent.

The dollar weakened, which sent metals prices higher. The ICE US dollar index lost 0.6 percent.

Customer-management software developer Salesforce surged 10.3 percent to $140.64 after its earnings and revenue were stronger than analysts expected. That helped pull technology companies higher. Software maker Adobe rose 7.3 percent to $249.21. Apple jumped 3.8 percent to $180.94 and Microsoft rose 3.7 percent to $111.12.

Tiffany skidded 11.8 percent to $92.54 after it said foreign tourists, especially from China, didn’t spend as much at its stores in its latest quarter. That contributed to disappointing sales for the company. Chinese economic growth has slowed since the government clamped down on bank lending last year as part of an effort to rein in surging debt. The U.S.- China trade dispute has also contributed to the slowdown.

Jam and packaged food maker J.M. Smucker fell 7.2 percent to $101.28 after it reported a smaller profit and less revenue than analysts had expected. Smucker also lowered its forecasts for the full year.

Boeing recovered a sliver of

Read More Here...

Bookmark the permalink.