Stocks snapped back to resume their rally on Tuesday as investors continued to digest Federal Reserve Chairman Jerome Powell's interest rate comments and the possibility of aggressive hikes in the federal funds rate. The Dow added 254 points, led higher by Nike's (NKE) impressive earnings release, while the S&P 500 and Nasdaq also settled notably in the black.
The Dow Jones Average (DJI - 34,807.46) added 254.5 points or 0.7% for the day. Boeing (BA) led the gainers with a 2.8% gain, while Johnson & Johnson (JNJ) paced laggards with a 0.5% drop.
The S&P 500 Index (SPX - 4,4511.61) added 50.4 points for the day, or 1.1%, while the Nasdaq Composite (IXIC - 14,108.82) rose 270.4 points or almost 2% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 22.94) lost 0.6 points or 2.5% for the day.
OIL COOLS FROM 2-WEEK HIGHS
Oil cooled from yesterday's nearly two-week high, with investors mulling over the possibility of a European ban on Russian oil. For the day, April-dated crude lost 36 cents or 0.3%, to settle at $111.76 per barrel.
Powell's comments yesterday weighed on gold prices, which fell on Tuesday. April-dated gold shed $8.00 or 0.4%, to settle at $1,921.50 per ounce for today.
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