NEW YORK, New York – U.S. stocks powered ahead on Tuesday, racking up solid gains for each of the main indices. The positive mood was also being felt in Europe and the UK.
“Earnings have come in better than lowered expectations,” Paul Kim, CEO of Simplify Asset Management in New York, told Reuters Tuesday.
“So we’re not seeing the bite of tighter monetary policy and inflation impacting revenue as much as feared.”
Technology stocks led the charge, with the Nasdaq Composite climbing 353.10 points or 3.11 percent to 11,713.15.
The Dow Jones industrial average surged 754.44 points or 2.43 percent to 31,827.05.
The Standard and Poor’s 500 accelerated 105.84 points or 2.76 percent to 3,136.69.
The U.S. dollar was sold-off sharply. It was the third consecutive sell-off in the greenback in 3 days. The euro made a powerful run-up to end Tuesday at 1.0229. The British pound jumped to 1.2003. The Swiss franc strengthened to 0.9687.
The Canadian dollar was sharply higher at 1.2872. The Australian dollar swelled to 0.6901. The New Zealand dollar rose to 0.6228.
The Japanese yen, conversely, was a touch weaker at 138.18.
On overseas equity markets, the big mover was the German Dax which gained 2.69 percent. The Paris-based CAC 40 was up 1.78 percent. The FTSE 100 in London advanced 1.01 percent.
In Tokyo, the Nikkei 225 advanced 173.21 points or 0.65 percent to 26,961.68.
In China, the Shanghai Composite was flat, ending 1.33 points or 0.04 percent higher at 3,279.43.
In New Zealand, the S&P/NXX 50 inched down 0.90 of a point or 0.01 percent to 11,162.73.
South Korea’s Kospi Composite edged down 4.28 points or 0.18 percent to 2,370.97.
The Australian All Ordinaries fell 35.00 points or 0.51 percent to 6,853.00.
In Hong Kong, the Hang Seng shed 185.12 points or 0.89 percent to 20,661.06.