Posted by on August 3, 2022 5:37 pm
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Stocks rally to reverse 2-day slide, surging on rosy earnings results and economic data

(CNBC) — U.S. stocks rallied Wednesday, clawing back losses from earlier in the week, as traders cheered better-than-expected economic data that helped allay recession fears.

The Dow Jones Industrial Average rose 416.33 points, or 1.29%, to 32,812.50. The S&P 500 gained 1.56% to 4,155.17, hitting its highest level since June and wiping out losses from earlier in the week. The Nasdaq Composite increased 2.59% to 12,668.16, boosted by rising tech stocks.

A surprise rebound in July services PMI helped investors shake off worries that the U.S. has already fallen into a recession, sending traders back to beaten-down tech stocks. The index released Wednesday ended three months of declines. Data on durable goods orders and manufacturing in June were also better than expected.

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