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NEW YORK, Aug 6 - U.S. stocks ended sharply higher on Tuesday as investors jumped back into the market a day after a dramatic sell-off, as recent comments by Federal Reserve officials eased U.S. recession worries.U.S. central bank policymakers pushed back against the idea that weaker-than-expected July jobs data means the economy is headed for a recession, but they also warned that the Fed will need to cut interest rates to avoid such an outcome.
According to preliminary data, the S&P 500 , gained 51.66 points, or 1.00%, to end at 5,237.99 points, while the Nasdaq Composite , gained 166.77 points, or 1.03%, to 16,366.86. The Dow Jones Industrial Average , rose 284.86 points, or 0.74%, to 38,988.13. Traders are pricing in a 75% chance the Fed will cut rates by 50 basis points at its next policy meeting in September, and a 25% chance of a 25 basis point reduction, the CME Group's FedWatch Tool showed.Market concerns were exacerbated as investors wound down yen-funded trades, used to finance acquisition of stocks for years, after a surprise Bank of Japan rate hike last week.
Caterpillar , opens new tab gained after beating analysts' estimates for second-quarter profit, as higher prices on its larger excavators and other equipment countered moderating demand in North America. The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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