Stocks rose in morning trading on Wall Street Tuesday as investors are tempted by lower prices a day after the S&P 500 hit its lowest level in more than a year
The S&P 500 rose 1% as of 10:11 a.m. Eastern. The benchmark index clawed back some of its losses from a day prior when it slumped 3.2%. The Dow Jones Industrial Average rose 166 points, or 0.5%, to 32,417 and the Nasdaq rose 1.6%.
Health care companies also made solid gains. Pfizer rose 1.7% as it moves to buy migraine treatment developer Biohaven Pharmaceuticals for $11.6 billion. Pfizer already owns a portion of that company. The central bank has raised its key rate from close to zero, where it sat for much of the coronavirus pandemic. Last week, it indicated it will double the size of future increases from its usual margin.
tumbled 13% as the former pandemic darling of investors reported another quarter of lackluster earnings. Food distributor Sysco rose 8.2% after beating Wall Street's financial forecasts.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asia-Pacific stocks set for opening declines following Wall Street tumbleOvernight stateside, the tech-heavy Nasdaq Composite dropped more than 4% as shares on Wall Street fell.
Read more »
Wall Street, dragged down by tech stocks, racks up more heavy losses
Read more »
Wall Street set to rebound after three-day slump on rate-hike angstWall Street's main indexes were set to open higher on Tuesday, with investors buying into beaten-down banks and megacap growth stocks after a three-day selloff on concerns around aggressive monetary tightening and slowing economic growth.
Read more »
Asian markets follow Wall Street lower on economic fearsAsian stocks followed Wall Street lower Tuesday as fears increased that U.S. rate hikes to fight inflation might stall economic growth.
Read more »
Stock Futures Fall as Wall Street Looks to Stabilize After Rollercoaster WeekThe stock market is coming off a wild week of trading.
Read more »
AMC Shares Rise After Results Outpace Wall Street ExpectationsAMC Entertainment posted a narrower-than-expected loss during the first quarter.
Read more »