Dow gains nearly 400 points, rises for third straight day
• 10-year treasury yield rose 9.2 basis points to 2.969%
U.S. stocks rose on Tuesday after retail sales data for April suggested that Americans were still spending enough to keep the economy growing. Investors also weighed remarks by Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average rose 431.17 points, or 1.3%, to close at 32,654.59, rising for a third straight day.
The S&P 500 moved up by 80.84 points, or 2%, to finish at 4,088.85, while the Nasdaq Composite Index climbed 321.73 points, or 2.8%, to end at 11,984.52.
US retail sales rose 0.9% last month, reflecting both strong demand and higher prices, with automobile sales leading the way along with increased spending at restaurants.
Market movers
Treasury yields rose on Tuesday, with the 10-year rate rising 9.2 basis points to 2.969%.
Shares of Citigroup (NYSE: C) jumped about 7.6% after Warren Buffett’s conglomerate Berkshire Hathaway, revealed it added a nearly $3 billion stake in the first quarter.
Shares of Paramount Global (NASDAQ: PARA) surged on Tuesday also surged nearly 15.4% after the conglomerate acquired a stake worth $2.6 billion in the company as of the end of March.
Shares of Twitter Inc. (NYSE: TWTR) rose 2.5% after Elon Musk tweeted that his $44 billion deal for Twitter ‘cannot move forward' without more data on spambots.
Also read:
Over $7 billion has withdrawn from Tether since breaking its dollar peg
Walmart reports low profit amid higher costs, rising inflation
