The Dow Jones Industrial Average jumped 236 points or 0.68%, while the S&P 500 index and the Nasdaq Composite index ticked up 0.85% and 0.82%, respectively.
The gains came a day after the Dow and the S&P both fell for the sixth time in seven sessions amid concerns a slowdown in inflation could cause the Fed to begin tapering later this year. Investors also fretted over proposed tax hikes that would help pay for Biden’s $3.5 trillion spending package.
|I:DJI||DOW JONES AVERAGES||34869.37||+71.37||+0.21%|
|I:COMP||NASDAQ COMPOSITE INDEX||14969.969964||-77.73||-0.52%|
In stocks, energy-related names paced the advance as West Texas Intermediate crude oil surged by $2.15 to $72.61 a barrel, closing at its highest level since July 30.
|XOM||EXXON MOBIL CORP.||59.32||+1.69||+2.93%|
|CVS||CVS HEALTH CORP.||85.75||+1.05||+1.24%|
Microsoft Corp.’s board of directors authorized a stock buyback program of $60 billion and raised the company’s quarterly dividend by 11% to 62 cents per share.
|F||FORD MOTOR CO.||14.16||+0.38||+2.76%|
|GM||GENERAL MOTORS CO.||53.20||+1.01||+1.94%|
Automakers saw a boost including Ford, GM and Tesla on reports electric vehicle maker Rivian, which is backed by Amazon, is planning an initial public offering which may raise $8B, according to Reuters.
Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International remained under pressure after Macau’s government tightened regulations over casino operators. Shares of the three companies lost between 3.9% and 11% on Tuesday.
|WYNN||WYNN RESORTS LTD.||85.38||+2.50||+3.02%|
|LVS||LAS VEGAS SANDS CORP.||37.87||+0.99||+2.68%|
|MGM||MGM RESORTS INTERNATIONAL||45.09||+0.47||+1.05%|
Coinbase Global Inc. raised the size of its previously announced debt offering by $500 million to about $2 billion. The cryptocurrency exchange operator plans to use the money raised to invest in product development and potential mergers and acquisitions.
|COIN||COINBASE GLOBAL, INC.||232.24||+0.42||+0.18%|
Overseas markets were broadly lower.
European bourses were weaker across the board with France’s CAC 40 tumbling 1.04%, Germany’s DAX 30 sliding 0.68% and Britain’s FTSE 100 slipping 0.25%.
In Asia, Hong Kong’s Hang Seng index plunged 1.84%, Japan’s Nikkei 225 fell 0.52% and China’s Shanghai Composite index lost 0.18%.