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The Dow Jones Industrial Average rallied on Tuesday, rising for a fifth day as earnings results from Walmart and Home Depot showed consumer spending could remain strong enough to keep the economy from tipping over into a downturn.
The 30-stock index rocketed 239.57 points to conclude Tuesday at 34,152.01.
The S&P 500 recovered 8.06 points to 4,305.20.
The NASDAQ Composite finished lower 25.5 points to 13,102.55.
Both Walmart and Home Depot rose 5% after topping earnings results as Walmart reiterated its second-half outlook and Home Depot maintained its 2022 guidance.
Retail names including Target, Best Buy and Bath & Body Works gained 4% each on the back of those results, with earnings for the sector set to continue with reports from Target and Lowe’s on Wednesday.
In other news, Bed Bath & Beyond shares staged a rally, closing up more than 29% as Reddit traders once again bet big on the stock.
Wall Street is coming off a solid session, with the major averages all rising Monday after a sharp intraday turnaround. The move higher built on the market’s rally off a June low.
Treasury prices were down slightly, raising yields to 2.81% from Monday’s 2.80%. Treasury prices and yields move in opposite direction.
Oil prices lost $2.76 to $86.65 U.S. a barrel.
Gold prices fell $7.60 to $1,790.50 U.S. an ounce.
