U.S. stocks rally after S&P 500's worst week in over 2 years


NEW YORK, June 21 (Xinhua) -- U.S. stocks rebounded on Tuesday as the energy sector led the broad market higher.

The Dow Jones Industrial Average rose 641.47 points, or 2.15 percent, to 30,530.25. The S&P 500 added 89.95 points, or 2.45 percent, to 3,764.79. The Nasdaq Composite Index increased 270.95 points, or 2.51 percent, to 11,069.30.

All the 11 primary S&P 500 sectors ended in green, with energy and consumer discretionary up 5.14 percent and 2.82 percent, respectively, leading the gains.

The rally followed a dreadful week on Wall Street as investors grew fearful that drastic rate hikes by the Federal Reserve may trigger a recession.

Last week, the Fed raised interest rates by 75 basis points, the largest hike since 1994, as it races to fight inflation that is running at a multi-decade high. Meanwhile, it left the door open for a similar increase at its next meeting in July.

For the trading week ending Friday, the S&P 500 shed 5.8 percent, booking its worst week since March 2020, while the Dow and the tech-heavy Nasdaq each fell 4.8 percent.

U.S. financial markets were closed Monday for the Juneteenth holiday.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

North Korea criticises U.N. chief's support for the North's denuclearisation
Chinese pianist performs for open-air concert in Berlin forest
Four Latam nations back Castillo as Peru political crisis continues
Feature: Artist shares message of hope through photo exhibition in crisis-hit Lebanon
Mali PM on 'forced rest', his office says
9 killed, 18 wounded in traffic accident in southern Egypt
Feature: Cameroon looks to bright future in film productions
Feature: T�rkiye's medical tourism eyes larger slice of global pie
Ukraine says it is targeting Russians shooting at, or from nuclear plant
France halts spread of "monster" wildfire, reopens highway

Others Also Read