The US markets ended sharply higher on Tuesday offsetting the steep losses posted last week. Investors rekindle joy of bliss after President Donald Trump delayed a threatened 50 percent tariff on imports from the European Union (EU) till July 9, 2025, raising hopes of trade deal between EU and US. Besides, bolstering the market sentiments, the Conference Board’s report showed a substantial improvement in U.S. consumer confidence in the month of May. The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April, while street had expected the consumer confidence index to inch up to 87.3 from the 86.0 originally reported for the previous month. Moreover, the present situation index, which is based on consumers' assessment of current business and labor market conditions, also jumped to 135.9 in May from 131.1 in April.
On the sectoral front, Airline stocks turned in some of the market's best performances on the day, with the NYSE Arca Airline Index soaring by 4.9 percent. Moreover, substantial strength was also visible among semiconductor stocks, as reflected by the 3.4 percent spike by the Philadelphia Semiconductor Index.
Dow Jones Industrial Average jumped 740.58 points or 1.78 percent to 42,343.65, Nasdaq shot up 461.96 points or 2.47 percent to 19,199.16 and S&P 500 surged 118.72 points or 2.05 percent to 5,921.54.
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