U.S. stocks rise as tech rebounds

2022-05-18 05:25

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NEW YORK, May 17 (Xinhua) -- U.S. stocks climbed on Tuesday, reclaiming some of the massive losses they had suffered recently, bolstered by a solid comeback in tech names.

The Dow Jones Industrial Average rose 431.17 points, or 1.34 percent, to 32,654.59. The S&P 500 was up 80.84 points, or 2.02 percent, to 4,088.85. The Nasdaq Composite Index increased 321.73 points, or 2.76 percent, to 11,984.52.

Ten of the 11 primary S&P 500 sectors ended in green, with technology and materials up 2.91 percent and 2.86 percent, respectively, outpacing the rest. Consumer staples slipped 1.15 percent, the lone declining group.

Shares of major U.S. tech giants, such as Meta Platforms, Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher.

On the data front, the U.S. Commerce Department reported that U.S. retail sales grew 0.9 percent in April as consumers kept spending despite rampant inflation. Economists polled by The Wall Street Journal had forecast a 1-percent advance.

U.S. equities have come under intense selling pressure recently as investors grappled with higher inflation, a hawkish Federal Reserve, and the ongoing conflict in Ukraine.
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