NEW YORK, June 24 — Wall Street stocks jumped early today near the end of a winning week for equities amid hopes of a market recovery after a bruising period.
Stocks have been on a downward spiral for most of 2022 as rocketing inflation spurs interest rate hikes from the Federal Reserve and other central banks.
But markets have shifted a bit in recent sessions, with oil and other commodities pulling back, along with Treasury bond yields as markets weigh recession fears.
"It certainly feels like the tide has changed a little bit in terms of investor sentiment," said Art Hogan, strategist at National Securities.
"All indications are that we have a combination of both peak inflation and peak pessimism. And I think that sets up for a very nice tradable bottom here."
About 20 minutes into trading, the Dow Jones Industrial Average was up 1.3 per cent at 31,068.91.
The broad-based S&P 500 gained 1.6 per cent to 3,854.59, while the tech-rich Nasdaq Composite Index advanced 2.0 per cent to 11,455.97.
Among individual companies, FedEx surged 7.5 per cent following an upbeat forecast as quarterly revenues jumped eight per cent to US$24.5 billion. — AFP