We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. stocks closed higher on Tuesday as investors looked past the tight COVID-19 restrictions being imposed in China and focused on a batch of earnings reports while they await Wednesday’s minutes from the Fed’s last policy meeting. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 1.2% or 397.82 points to end at 34,098.10 points.
The S&P 500 advanced 1.4% or 53.64 points to close at 4,003.58 points. Energy, materials and tech stocks were the biggest gainers.
The Materials Select Sector SPDR (XLB) gained 2.3%, while the Energy Select Sector SPDR (XLE) advanced 3.1%. The Technology Select Sector SPDR (XLK) climbed 1.9%. All 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq gained 1.4% or 149.89 points to finish at 11,174.40 points.
The fear-gauge CBOE Volatility Index (VIX) was down 4.79% to 21.29. Advancers outnumbered decliners on the NYSE by a 3.40-to-1 ratio. On Nasdaq, a 1.56-to-1 ratio favored advancing issues. A total of 9.45 billion shares were traded on Tuesday, lower than the last 20-session average of 11.75 billion.
Investors Shift Focus from China’s Covid Situation
Investors have been worrying about the surge in fresh COVID-19 cases in China that has led Beijing to tighten restrictions. Also, China reported its first death from the mainland since May over the weekend, which raised fears among investors that leading stocks to end lower on Monday.
However, investors looked past the tightening Covid policy in China and focused on a batch of mixed earnings from big retailers. China started loosening its COVID restrictions only last week when reports of a surge in fresh cases made investors concerned.
It’s a holiday-shortened week and trading volume is low traditionally. However, markets managed to finish in the green in thin trade, with the S&P 500 recording its best day in more than two months.
The earnings season is nearing its end, with the last batch of retailers reporting their quarterly results. On Wednesday Best Buy Co., Inc. (BBY - Free Report) reported impressive earnings results. Best Buy reported third-quarter 2022 earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.03 per share. Shares of Best Buy soared 12.8%. Best Buy carries a Zacks Rank #3 (Hold). You can seethe complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, Dollar Tree, Inc. (DLTR - Free Report) also reported earnings beat. The company reported third-quarter earnings of $1.20 per share, surpassing the Zacks Consensus Estimate of $1.17 per share. However, the company’s shares declined 7.9% after it cut its annual profit forecast for the second time.
Markets will remain closed on Thursday. No economic data was released on Tuesday.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Nov 23, 2022
U.S. stocks closed higher on Tuesday as investors looked past the tight COVID-19 restrictions being imposed in China and focused on a batch of earnings reports while they await Wednesday’s minutes from the Fed’s last policy meeting. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 1.2% or 397.82 points to end at 34,098.10 points.
The S&P 500 advanced 1.4% or 53.64 points to close at 4,003.58 points. Energy, materials and tech stocks were the biggest gainers.
The Materials Select Sector SPDR (XLB) gained 2.3%, while the Energy Select Sector SPDR (XLE) advanced 3.1%. The Technology Select Sector SPDR (XLK) climbed 1.9%. All 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq gained 1.4% or 149.89 points to finish at 11,174.40 points.
The fear-gauge CBOE Volatility Index (VIX) was down 4.79% to 21.29. Advancers outnumbered decliners on the NYSE by a 3.40-to-1 ratio. On Nasdaq, a 1.56-to-1 ratio favored advancing issues. A total of 9.45 billion shares were traded on Tuesday, lower than the last 20-session average of 11.75 billion.
Investors Shift Focus from China’s Covid Situation
Investors have been worrying about the surge in fresh COVID-19 cases in China that has led Beijing to tighten restrictions. Also, China reported its first death from the mainland since May over the weekend, which raised fears among investors that leading stocks to end lower on Monday.
However, investors looked past the tightening Covid policy in China and focused on a batch of mixed earnings from big retailers. China started loosening its COVID restrictions only last week when reports of a surge in fresh cases made investors concerned.
It’s a holiday-shortened week and trading volume is low traditionally. However, markets managed to finish in the green in thin trade, with the S&P 500 recording its best day in more than two months.
The earnings season is nearing its end, with the last batch of retailers reporting their quarterly results. On Wednesday Best Buy Co., Inc. (BBY - Free Report) reported impressive earnings results. Best Buy reported third-quarter 2022 earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.03 per share. Shares of Best Buy soared 12.8%. Best Buy carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, Dollar Tree, Inc. (DLTR - Free Report) also reported earnings beat. The company reported third-quarter earnings of $1.20 per share, surpassing the Zacks Consensus Estimate of $1.17 per share. However, the company’s shares declined 7.9% after it cut its annual profit forecast for the second time.
Markets will remain closed on Thursday. No economic data was released on Tuesday.