Shares rallied on Tuesday, ending a losing streak as investors scrutinized the latest economic documents that showed the economy remains resilient.
Tech stocks led the gains in trading hours, with the Nasdaq Composite Index (^IXIC) gaining 1.7%. The S&P 500 (^GSPC) was up 1.1%% and the Dow Jones Industrial Average (^DJI) was up 0.6%.
While the Dow Jones Industrial Average posted its sixth straight day of declines on Monday, the atmosphere was brighter after the Nasdaq’s decline increased losses in five of the last six trades.
New economic data on Tuesday morning showed home prices rebounding while the new home market remains attractive amid tight resale supply. At the same time, Americans are growing more confident in the economy, even after the Fed hinted at one or two more rate hikes this year.
Markets are eyeing factors that could influence the central bank’s thinking ahead of its July meeting. Especially as fears of a recession sparked by the Fed’s interest-rate hike campaign resurface, we’re looking at signs of a recovery.
The market is likely to see significant trading this week, the last day of the quarter and the first half of 2023, as investors rebalance their asset allocations.
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