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
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.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.Reporting by Amruta Khandekar and Devik Jain in Bengaluru, and Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and Lisa ShumakerSign up to our investor newsletter to get the latest news and trends in global financial markets.
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