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
DJIA,
+0.89%
rose 309 points, or 1%, to 32,145.

The S&P 500 
SPX,
+0.48%
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
TMUBMUSD10Y,
4.012%
and the dollar
DXY,
-1.02%.
“I think it’s reasonable to believe that the Fed will s …

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