US stocks closed higher after the sudden decline in technology shares, with investors assessing optimism about the latest round of earnings, on the back of mounting concerns about slowing growth and higher borrowing costs.
managed S&P 500 . Index From achieving modest gains in a volatile session that included a sharp decline after the index failed to rise above its 200-day moving average. While the indicator finished Nasdaq The 100 technology companies’ trading on Tuesday declined, while the Dow Jones Industrial Average maintained its leading role among the major indices, rising by 0.7%.
Stock markets swung in a session marked by sharp losses and gains. Treasuries remained low, with short-term debt yields rising by more than five basis points, the most sensitive to interest rate changes.
Stocks started Tuesday’s trading on strong activity as investors weighed the latest mixed economic data with the Federal Reserve’s path to raising interest rates. Tuesday’s data showed a larger-than-expected decline in US homebuilding, while Factory production In July for the first time in three months.
Stocks gained support in post-market trading from Walmart, beating Wall Street forecasts for a quarterly profit decline and slightly improving its full-year outlook, while Home Depot posted better-than-expected results even as the US housing market showed signs of calm.
Positive results fueled gains in the retail sector, including shares of Target Corp and Louise’s Cos, a day before their scheduled earnings announcements on Wednesday.