U.S. Stocks Surge at the Open as Tech Leads Latest Rally
2022.05.17 17:20
By Liz Moyer
Investing.com — U.S. stocks surged at the open on Tuesday in the latest attempt at a rally after strong retail sales data for April.
Technology led the charge higher. At 9:43 AM ET, the Dow Jones Industrial Average rose 309 points or 0.9%, while the S&P 500 rose 1.5% and the NASDAQ Composite jumped 2.4%.
Consumers kept spending in April despite high inflation and the looming prospect of an economic slowdown. Retail sales rose 0.9% from March, and March’s data were revised up to show a gain of 1.4% from February. That is double the 0.7% initially reported.
The annual rate of retail sales rose 8.2%.
Home Depot Inc (NYSE:HD)stock rose nearly 4% after the home improvement retailer raised its full-year sales forecast on solid demand for tools and building materials. But Walmart Inc (NYSE:WMT) shares fell 8.8% after it missed expectations on rising fuel costs and higher inventory levels.
United Airlines Holdings Inc (NASDAQ:UAL)rose 5% after it raised its revenue forecast for the current quarter. Shares of other airlines, including Delta Air Lines Inc (NYSE:DAL) and American Airlines Group (NASDAQ:AAL), also rose.
Oil inched higher. Crude Oil WTI Futures rose 0.6%, to $112.50 a barrel, while Brent Oil Futurescrude rose 0.5%, to $114.81 a barrel. Gold Futures rose 0.6% to $1,825.
