NEW YORK—Stocks soared on Tuesday, in its biggest one-day gain in almost two weeks, despite an earthquake that shook much of the East Coast.
The Dow Jones Industrial Average rose 322 points, or 3 percent, on Tuesday afternoon after a strong rally during the last hour of trading. The S&P 500 Index gained 38 points, or 3.4 percent, while the Nasdaq Composite Index jumped 4.3 percent, or 100 points.
All 10 S&P sectors were in the black Tuesday, while energy giant ExxonMobil powered the Dow, by gaining 4.3 percent. The S&P was propelled by the energy and technology sectors.
Tuesday’s gain was the second consecutive day of gains for Wall Street, as U.S. markets followed European and Asian stocks higher.
Investors are anxiously awaiting a much-anticipated speech by Federal Reserve Chairman Benjamin Bernanke later this week, at the Fed’s annual conference in Jackson Hole, Wyo.
Some analysts expect Bernanke to announce a new round of quantitative easing (QE3), or asset purchases by the Fed to increase the supply of money into the market.
“The market’s sending a signal to Bernanke saying, ‘We want QE3 and we want it this week, or we’re going to hammer you and the market will get absolutely killed,’” said Keith Springer of Springer Financial Advisory in Sacramento, Calif., on CNBC.
“The stock market is addicted to QE.”
Last year, Bernanke announce a series of quantitative easing measures which helped to boost the market.
The Dow Jones Industrial Average rose 322 points, or 3 percent, on Tuesday afternoon after a strong rally during the last hour of trading. The S&P 500 Index gained 38 points, or 3.4 percent, while the Nasdaq Composite Index jumped 4.3 percent, or 100 points.
All 10 S&P sectors were in the black Tuesday, while energy giant ExxonMobil powered the Dow, by gaining 4.3 percent. The S&P was propelled by the energy and technology sectors.
Tuesday’s gain was the second consecutive day of gains for Wall Street, as U.S. markets followed European and Asian stocks higher.
Investors are anxiously awaiting a much-anticipated speech by Federal Reserve Chairman Benjamin Bernanke later this week, at the Fed’s annual conference in Jackson Hole, Wyo.
Some analysts expect Bernanke to announce a new round of quantitative easing (QE3), or asset purchases by the Fed to increase the supply of money into the market.
“The market’s sending a signal to Bernanke saying, ‘We want QE3 and we want it this week, or we’re going to hammer you and the market will get absolutely killed,’” said Keith Springer of Springer Financial Advisory in Sacramento, Calif., on CNBC.
“The stock market is addicted to QE.”
Last year, Bernanke announce a series of quantitative easing measures which helped to boost the market.
