U.S. stocks ended higher on Tuesday, led by a 2% gain in the Nasdaq, as shares of technology and other big growth names rebounded from recent losses and Nike rose after it reported upbeat results.
On Monday, Fed Chair Jerome Powell said the central bank must move "expeditiously" to raise rates. When asked what would prevent the central bank from raising rates by half a percentage point at the May 3-4 policy meeting, he responded: "Nothing." Powell is slated to speak again on Wednesday.
Investors were still keeping a close eye on the Ukraine-Russia conflict, with Ukrainian officials saying the besieged port city of Mariupol is under continuous bombardment as Russian forces redouble their efforts to capture it.Advancing issues outnumbered declining ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 2.53-to-1 ratio favored advancers.
The S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 60 new highs and 37 new lows. Volume on U.S. exchanges was 12.14 billion shares, compared with the 14.5 billion average for the full session over the last 20 trading days.Reporting by Caroline Valetkevitch in New York Additional reporting by Devik Jain and Amruta Khandekar in Bengaluru Editing by Arun Koyyur and Matthew Lewis
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