- US stocks ended higher on Tuesday to wrap up strong January gains.
- The Nasdaq Composite soared 10% after stocks in 2022 suffered bear market losses.
US stocks finished higher Tuesday as a crop of corporate earnings and improving snapshots on US wage inflation and global growth rounded off a strong January for equities.
The S&P 500's advance was fueled by 10 of its 11 sectors. From the earnings front, $4 rose on upbeat guidance from the car maker, and $4 nearly $56 billion in record full-year profit helped push the oil major's shares up.
The $4 and further slowing of $4 also provided upside support for stocks.
Next on investors' agenda is the Federal Reserve's expected decision Wednesday to raise interest rates for the eighth straight time but at a slower pace of 25 basis points.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- $4: 4,076.60, up 1.46%
- $4: 34,086.04, up 1.09% (368.95 points)
- $4: 11,584.55, up 1.67%
"Overall, we're bullish on the equity market moving into February, as well as for the full year 2023," Greg Bassuk, chief executive officer at AXS Investments, told Insider. "But rather than anticipating a straight trajectory upward, we think that with a combination of mixed corporate earnings results ... with likely mixed economic data, it'll be a little bit more choppy and volatile."
Bassuk said the US economy looks likely to avoid a recession but a flare-up in inflationary pressures remains a risk, he said.
"Whether inflation has peaked or not, the fact is that prices remain elevated. That's going to hamper everything from consumer spending to corporate margins until prices ease a bit," he said. "[That] is another factor that could infuse some hiccups and choppiness in the short-term equity markets."
Here's what else is happening today:
- $4 show how the FTX founder tried to cloak his misuse of customers' funds.
- $4 on Elon Musk's massive buyout debt, averting bankruptcy for now.
- An investigation found $4 wasn't doing business the way it told customers.
In commodities, bonds, and crypto: