U.S. stocks cut losses staging a fairly broad rally Tuesday led by technology and energy names.
The Nasdaq Composite led the turnaround rising 1.4%, while the S&P 500 posted a gain 0.95%, and the Dow Jones Industrial Average tacked on over 182 points or 0.51%.
The yield on the 10-Year Treasury pulled back from a 12-month high to 1.745%.
|I:DJI||DOW JONES AVERAGES||35911.81||-201.81||-0.56%|
|I:COMP||NASDAQ COMPOSITE INDEX||14893.75271||+86.94||+0.59%|
Powell, during his nomination hearing on Tuesday, told lawmakers the central bank remains committed to fighting inflation.
"I think that inflationary pressures do seem to be on track to last well into the middle of next year. And if they last longer than that, then I'll just say that our policy will continue to adapt" he said.
Consumer and producer prices, due out Wednesday and Thursday, are expected to rise 7% and 9.8%, respectively.
|USO||UNITED STATES OIL FUND L.P.||59.97||+1.70||+2.92%|
Oil also jumped over 3% closing at $81.22 per barrel.
In stocks, IBM dropped after the team at UBS slapped the stock with a sell rating.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||134.21||-0.55||-0.41%|
American Airlines shares are rising after disclosing, in an SEC filing, revenues will be better than expected.
|AAL||AMERICAN AIRLINES GROUP INC.||18.49||-0.85||-4.39%|
"The Company expects its fourth quarter total revenue to be down approximately 17% versus the fourth quarter of 2019, which is better than the Company’s previous guidance of down approximately 20%," the company disclosed.
|CVS||CVS HEALTH CORP.||106.22||+0.88||+0.84%|
|RAD||RITE AID CORP.||12.38||-0.15||-1.20%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||54.30||+0.11||+0.20%|
CVS Health boosted its outlook for the full year with profit goals now forecast to be as high as $8.38 per share, above the $8 previously disclosed. Demand for COVID-19 vaccines and tests are helping drive profits.
Grocer Albertsohn's also raising its full-year financial guidance citing a "favorable economic backdrop" as it expects to post sales of as much as $4.3 billion, above the prior $4 billion estimate. Still, executives warned that supply chain disruptions are impacting business for the next 4 to 6 weeks.
Shack Shake rose as it navigated COVID-19 staff shortages with a fourth quarter same-store sales gain of 20.8%