Dow jumps by 500 points, rises for the fifth straight day
• The Dow jumped 516.91 points, or 1.6%, to end at 32,637.19
Dow closed higher for the fifth straight day recording the longest streak of wins in the past two months. Consumer and technology stocks closed higher.
The Dow Jones Industrial Average jumped 516.91 points, or 1.6%, to end at 32,637.19. S&P 500 gained 79.11 points, or 2%, closing at 4,057.84. The Nasdaq Composite rose 305.91 points, or 2.7% finishing at 11,75.
Minutes of the Federal Reserve’s May meeting showed that the officials stressed the need to raise interest rates quickly and more aggressively than what markets may anticipate, to control inflation.
Market movers
Treasury yields were little changed, with the 10-year rate rising one basis point to 2.756%.
Shares of Broadcom Inc. (NASDAQ: AVGO) gained 3.6% after a $61 billion deal for cloud company VMware Inc. (NYSE: VMW) emerged. VMware shares rose 3.2%.
Shares of Nvidia Corp. (NASDAQ: NVDA) shares rose 5.2%, more than recovering from early losses following the release of a softer outlook.
Macy’s (NYSE: M) shares surged 19.3% after the company raised its 2022 profit outlook.
Discount retailer Dollar Tree (NASDAQ: DLTR) jumped about 21.9% after posting an earnings beat, which helped push the Nasdaq higher.
Cloud computing company Nutanix Inc (NASDAQ: NTNX) tumbled 23% after its poor fourth-quarter outlook.
Also read:
Over $7 billion has withdrawn from Tether since breaking its dollar peg
