Stocks rallied Tuesday, with the market resuming a bounce from last month’s lows, as traders bet on strong corporate earnings, and wagered that markets found a bottom. The Dow jumped 754.44 points. The S&P 500 gained 2.76%. The Nasdaq popped 3.11%.
Stocks rallied Tuesday, with the market resuming a bounce from last month's lows, as traders bet on strong corporate earnings reports and wagered that markets have found a bottom.
All three major averages are above their 50-day moving averages for the first time since April. The broader market index is now 8% off its June lows.Investors are betting that stocks have reached a bottom after their steep declines this year, and as the latest round of earnings reports showed businesses are working through economic pressures better than feared in the second quarter.
Investor sentiment has worsened to a point that some on Wall Street believe markets are set up for a relief rally ahead. Investors — fearing stagflation will remain even if inflation manages to come down — are holding on to cash, according to a"Fundamentals poor but sentiment says stocks/credit rally in coming weeks," wrote Bank of America's chief investment strategist Michael Hartnett.
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