© Archyde.com. Traders work at the New York Stock Exchange on May 13, 2022. Photo: Brendan McDermid/Archyde.com.
(Archyde.com) – Wall Street closed sharply higher on Tuesday, boosted by gains in Apple (NASDAQ:), Tesla (NASDAQ:) and other big growth firms after strong US retail sales numbers in April calmed concerns about slowing economic growth.
And rose ten of the eleven major sectors in the Standard & Poor’s 500 index, and recorded shares of banks and companies of resources, consumer products, technology gains of more than two percent.
Investors were cheered by data showing that US retail sales increased 0.9 percent in April as consumers bought cars amid an improvement in supply and frequented restaurants.
Shares of Microsoft, Apple, Tesla and Amazon rose between 2.0 percent and 5.1 percent, leading the Standard & Poor’s 500 and Nasdaq indexes to rise.
The market’s rise on Tuesday followed weeks of selling in the US stock market that pushed the Standard & Poor’s 500 last week to its lowest level since March 2021.
The banking index jumped 3.8 percent, with Citigroup Inc (NYSE:) shares rising nearly 8 percent after business magnate Warren Buffett revealed an investment of nearly $3 billion in the US bank.
Other economic data showed that industrial production accelerated 1.1 percent last month, beating expectations of 0.5 percent, after a 0.9 percent increase in March.
The benchmark Standard & Poor’s 500 index ended the trading session 2.02 percent higher at 4,088.85 points, while the Nasdaq Composite Index jumped 2.76 percent to close at 11,984.52 points.
The industrial index closed up 1.34 percent to 3,264.59 points.
(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)