US Biz
NEW YORK, June 27 (Xinhua) -- U.S. stocks ended higher on Tuesday, with a fresh batch of economic data signaling a resilient U.S. economy despite higher interest rates.
The Dow Jones Industrial Average rose 212.03 points, or 0.63 percent, to 33,926.74. The S&P 500 added 49.59 points, or 1.15 percent, to 4,378.41. The Nasdaq Composite Index increased by 219.90 points, or 1.65 percent, to 13,555.67.
Ten of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology leading the gainers by rising 2.06 percent and 2.04 percent, respectively. Health bucked the trend by losing 0.20 percent.
U.S. stocks bounced on Tuesday as investors assessed upbeat economic data.
The U.S. Census Bureau reported Tuesday that manufactured U.S. durable goods orders jumped 1.7 percent in May after rising by an upwardly revised 1.2 percent in April, boosted by strong demand for passenger planes and new cars.
Sales of new single-family houses rose 12.2 percent in May to a seasonally adjusted annual rate of 763,000 units, the highest level since February 2022.
The consumer confidence index jumped to a reading of 109.7 in June, well above market expectations for the index to rise to 104.0 from May's revised reading of 102.5, hitting a 17-month high, according to The Conference Board's monthly survey.
"Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations," said Dana Peterson, chief economist at The Conference Board.
Meanwhile, tech mega caps led the rebound in equities, with mega tech and artificial intelligence (AI) names such as Meta Platforms, Microsoft, Tesla and Nvidia surging on Tuesday, reversing Monday's selloff. For June, the Nasdaq Composite is on pace to close nearly 5 percent higher as Wall Street renews AI trades amid economic strength.
U.S. stocks are bouncing back after some strong U.S. economic data gave a boost to consumer discretionary stocks and as investors piled back into AI trades. The losing streak had to end, but that doesn't mean the market will resume, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
"There was a lot of U.S. economic data released today and the key takeaway was that the economy is not breaking just yet," said Moya on Tuesday.