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  3. US markets settle higher on Tuesday

US markets settle higher on Tuesday

22 Jun 2022 Evaluate

The US markets settled higher on Tuesday as traders picked up stocks at relatively reduced levels following recent weakness in the markets. Those moves followed last week’s declines in which the S&P 500 posted its worst week since 2020. Many investors fear that a rebound amid growing fears of a recession may be short-lived, though others expect that equities may be oversold after more accurately pricing in inflationary pressures. On the sectoral front, Energy stocks turned in some of the best performances on the day, benefiting from a rebound by the price of crude oil. Crude for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel after plummeting $7.26 or 6.3 percent to $107.99 a barrel last Friday. Reflecting the strength in the energy sector, the NYSE Arca Oil Index soared by 5 percent, the Philadelphia Oil Service Index surged by 4.8 percent, and the NYSE Arca Natural Gas Index shot up by 3.5 percent. Telecom stocks also saw substantial strength, resulting in a 3.2 percent jump by the NYSE Arca North American Telecom Index.

Among individual stocks, shares of Valneva skyrocketed after drug giant Pfizer (PFE) agreed to acquire an 8.1 percent stake in the French vaccine maker for $95 million. Shares of Spirit Airlines also soared after JetBlue increased its takeover offer for the discount airline to $33.50 per share. On the economic data front, the National Association of Realtors showing another steep drop in US existing home sales in the month of May. NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April. Street had expected existing home sales to tumble by 3.7 percent to a rate of 5.40 million from the 5.61 million originally reported for the previous month.

Dow Jones Industrial Average rose 641.47 points or 2.15 percent to 30,530.25, Nasdaq surged 270.95 points or 2.51 percent to 11,069.3 and S&P 500 was up by 89.95 points or 2.45 percent to 3,764.79. 

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