Market Snapshot: Dow ends nearly 400 points higher as investors await Fed minutes

by | Nov 22, 2022 | Stock Market

U.S. stocks ended higher Tuesday as traders gauged the impact of fresh COVID-19 restrictions in China and awaited Wednesday’s minutes from the most recent Federal Reserve meeting.How are stocks are trading
The S&P 500
ended with a gain of 53.64 points, or 1.4%, at 4,003.58.

The Dow Jones Industrial Average
rose 397.82 points, or 1.2%, finishing at 34,098.10.

The Nasdaq Composite advanced 149.89 points, or 1.4%, to close at 11,174.40.

What drove markets Stocks rallied in thin trade as Wall Street continued to expect the Fed to downshift their tightening pace next month, said Edward Moya, senior market analyst at Oanda, in a note.

Concerns about renewed COVID restrictions in China were blamed for market weakness on Monday and may continue to weigh on equities after investors had previously raised hopes for a loosening of curbs. “The irony is that the China reopening story has been a big positive driver of China-related risk and overall markets over the last couple of weeks, so we are trading between feast and famine on this story,” wrote Jim Reid, strategist at Deutsche Bank, in a morning note. “Both could of course be ultimately right. There might be many more restrictions in the near term but stronger more durable re-openings by the spring. Markets are struggling to price this at the moment though,” Reid added. It’s a holiday-shortened week for Wall Street, where volumes traditionally tend to thin notably in the run-up to Thanksgiving on Thursday and Black Friday. Read also: Is the stock market open on Black Friday? Thanksgiving week trading hours for major assets. The implications of thin trading are important to remember from here out this week, said Art Hogan, chief market strategist at B. Riley Wealth Management. It’s been a “predominantly c …

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