Market Snapshot: Dow rises around 300 points as investors shake off weak tech earnings, assess pace of Fed rate hikes

by | Oct 26, 2022 | Stock Market

U.S. stocks were mostly higher Wednesday as investors shook off disappointing results from tech behemoths Microsoft and Alphabet, while the Bank of Canada delivered a smaller-than-expected rate hike. How are stock indexes trading
The Dow Jones Industrial Average
rose 309 points, or 1%, to 32,145.

The S&P 500 
was up 24 points, or 0.6%, at 3,884.

The Nasdaq Composite was fractionally lower at 11,195, erasing a steep early loss.

On Tuesday, the Dow rose 337 points, or 1.1%, the S&P 500 rose 1.6% and the Nasdaq advanced 2.3%. The S&P 500 is up 7.6% so far in October, but remains down 19% for the year-to-date.

What’s driving markets The S&P 500 has jumped 5.7% since Thursday’s close as a generally positive third quarter earnings season, and hopes the Federal Reserve may be less aggressive in hiking rates after weak economic data and the Bank of Canada’s smaller-than-expected rate rise. Also helping to boosting the positive sentiment is the continued slide on Wednesday in bond yields
and the dollar
“I think it’s reasonable to believe that the Fed will s …

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