Wall Street ends sharply higher, fueled by Apple

Wall Street ended sharply higher, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth

Mktrep, Rep

5/18/2022 6:15:00 AM

Wall Street ended sharply higher, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth

Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth.

A positive first-quarter earnings season has been overshadowed by worries about the conflict in Ukraine, soaring inflation, COVID-19 lockdowns in China and aggressive policy tightening by central banks.The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 23%, hit by tumbling growth stocks.

U.S.-listed Chinese stocks jumped on hopes that China will ease its crackdown on the technology sector.read moreAdvancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.19-to-1 ratio favored advancers.The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 24 new highs and 126 new lows.

Read more: Reuters »

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read more A positive first-quarter earnings season has been overshadowed by worries about the conflict in Ukraine, soaring inflation, COVID-19 lockdowns in China and aggressive policy tightening by central banks. The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 23%, hit by tumbling growth stocks. U.S.-listed Chinese stocks jumped on hopes that China will ease its crackdown on the technology sector. read more Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.19-to-1 ratio favored advancers. The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 24 new highs and 126 new lows. Volume on U.S. exchanges was 12.0 billion shares, compared with a 13.3 billion average over the last 20 trading days. Register now for FREE unlimited access to Reuters.com Register Reporting by Amruta Khandekar and Devik Jain in Bengaluru, and Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and Lisa Shumaker Our Standards: Global Investor Sign up to our investor newsletter to get the latest news and trends in global financial markets. Sign up Subscribe to our newsletter to get all the news you need to start your day. Sign up