Miércoles 03/08/22

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Dow rallies more than 400 points as investors cheer strong U.S. economic data, earnings
Carmen Reinicke
Tanaya Macheel
Check here for real-time updates of the U.S. stock market.

U.S. stocks rallied Wednesday as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.

The Dow Jones Industrial Average rose 458 points, or 1.42%. The S&P 500 gained 1.72%, hitting its highest level since June and wiping out losses from earlier in the week. The Nasdaq Composite increased 2.65%, boosted by rising tech stocks.

A surprise rebound in July services PMI shook off worries that the U.S. has already fallen into a recession, sending traders back to beaten-down tech stocks. The index released Wednesday ended three months of declines. Data on durable goods orders and manufacturing in June were also better than expected.

Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.

“As the chair said, we’re not in recession right now,” Bullard said during a live “Squawk Box” interview. “With all the job growth in the first half of the year, it’s hard to say that there was a recession.”

Earnings season continued, giving investors hope that the market can recover and potentially start a new bull market as opposed to a bear rally. The S&P 500 is up 13% from its recent low in June, and the Nasdaq is at levels not seen since May.

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Traders shook off anxiety that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip.

14 MIN AGO
Multiple trends point to no recession in the first half

The economy may be showing a classic recession sign, but it doesn’t feel that way for the jobs market.

Multiple data points regarding employment in the first half of the year don’t mesh with what usually happens during recessions, according to research that CNBC’s Steve Liesman gathered.

For one, payrolls usually decline during downturns, when they actually rose in the first of the year. Personal consumption also grew at a solid pace in the first six months, in contras with historical recession trends.

Still, GDP fell 1.6% in the first quarter and 0.9% in the second quarter, meeting a common definition of a recession.

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LAST CHG %CHG
DJIA 32812.50 416.33 1.29
S&P 500 4155.17 63.98 1.56
Nasdaq Composite 12668.16 319.40 2.59
Japan: Nikkei 225 27741.90 147.17 0.53
UK: FTSE 100 7445.68 36.57 0.49
Crude Oil Futures 91.04 0.38 0.42
Gold Futures 1780.80 4.40 0.25
Yen 133.93 0.07 0.05
Euro 1.0164 -0.0003 -0.03