Strong earnings reports and expectations the Federal Reserve will cut rates are driving the rally.
The Dow Jones Industrial Average closed at a record high Tuesday, rallying 743 points for its biggest one-day increase in more than a year.
The blue-chip index closed at 40,954.48, up 1.85 percent for the day. The index has seen consecutive daily gains since last Wednesday and is up more than 4 percent across the last five trading days. Tuesday’s close marks its biggest one-day jump since June 2023. Those gains came amid a broader rally on news of stronger-than-expected June retail sales data, healthy earnings reports and expectations that the Federal Reserve will impose its benchmark interest rate cut in September.
One winner was UnitedHealth, whose stock rose 6.5 percent after the health insurance giant reported better-than-expected second-quarter earnings, aiding the Dow’s rise. The insurer has the highest weight in the Dow, meaning major movements in its stock typically affect the index.The Dow includes 30 large, so-called blue-chip companies traded on U.S. stock exchanges, including Apple, Boeing, Nike and Walmart. It’s a closely watched indicator of how the stock market is doing.
The market has rallied since last week’s milder-than-expected inflation report. The Dow hit its previous record Monday, after Fed Chair Jerome H. Powell said that recent data adds confidence that inflation is moving toward the central bank’s 2 percent target.Carolyn Hax: 20-year-old listens to racist rapper. Should his parent speak up?
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow surges by more than 700 points as investors bet on September rate cutStocks surged Tuesday as Wall Street raised its bets that sky-high borrowing rates could come down in the fall.
Read more »
Nvidia, megacaps power strong Nasdaq recovery; Dow pulls backNvidia, megacaps power strong Nasdaq recovery; Dow pulls back
Read more »
Axie Infinity price dips 45% since April even as Axies’ active addresses rise nearly 700%Axie Infinity (AXS) is a gaming finance (GamsFi) token with a virtual world and a game featuring Axies from the NFT collection.
Read more »
NAD updates its C 700 streamer with surround sound and a phono inputThe latest version of NAD's C 700 Streaming Amplifier, the C 700 V2, gets a series of welcome upgrades like a better DAC and 4.1 surround sound.
Read more »
2025 BMW M5 Sedan Is a 700-HP-Plus Plug-In Hybrid MonsterTurbos and battery power propel the new M5 sedan to speeds up to 190 mph.
Read more »
Interlaken fire 100% contained, more than 700 acres of Forest Service land charredThe Interlaken fire burning on more than 700 acres of U.S. Forest Service land south of Leadville is 100% contained.
Read more »