Stock market news live updates: Stocks close sharply higher as Nike, consumer sentiment spur Wall Street rebound – Yahoo Finance
U.S. stocks rallied Wednesday as strong earnings from Nike and FedEx, along with upbeat consumer confidence data, lifted sentiment after a recent bout of selling.
The S&P 500 (^GSPC) surged 1.5%, while the Dow Jones Industrial Average (^DJI) jumped more than 500 points, or 1.6%. The technology-heavy Nasdaq Composite (^IXIC) also advanced 1.5%.
An upbeat gauge of consumer confidence helped raise the mood on Wednesday. The Conference Board’s Consumer Confidence Index rose to 108.3 this month — the highest since April — from an upwardly revised 101.4 reading in November, data released Wednesday showed. Economists expected a figure of 101, per Bloomberg consensus estimates.
Nike (NKE) shares soared 12.2% after the retailer handily beat second-quarter profit and revenue expectations and reported a decline in inventories from the previous period. While the pileup was still up year-over-year, Nike CEO John Donahoe said he believed the company was past its inventory peak.
Shares of FedEx Corporation (FDX) jumped 3.4% after the company revealed its aggressive cost saving efforts. CEO Raj Subramaniam said FedEx identified an additional $1 billion in savings beyond the forecast it gave in September as part of its “ongoing transformation while navigating a weaker demand environment.” FedEx sparked a deep sell-off in September when it issued a warning about its outlook for the U.S. economy.
Meanwhile, Rite Aid’s (RAD) stock tanked about 17.5% after the drugstore chain reported losses in the fiscal third quarter, weighed down by a drop-off in COVID vaccinations and testing.
Tesla (TSLA) remained in the limelight after sliding 8% to a fresh two-year low on Tuesday – a decline that came after dropping 16% last week. Chief Executive Elon Musk confirmed on Twitter late Tuesday that he would step down as head of Twitter once he finds a replacement. Shares of Tesla closed around flat Wednesday afternoon.
Separately, the electric vehicle maker is expected to freeze hiring and deliver another round of layoffs next quarter, per a report from Electrek, which cited a source familiar with the matter.
Oil prices rose for a third straight day as traders weighed a report that showed a larger-than-expected drop in U.S. stockpiles against worries over demand and an expected snowstorm domestically. West Texas Intermediate (WTI) crude futures were up nearly 3% to top $78 per barrel.
Screens on the floor at New York Stock Exchange (NYSE) show Federal Reserve Chair Jerome Powell during a news conference, December 14, 2022. REUTERS/Andrew Kelly
Wednesday’s moves come after a volatile session Tuesday that followed a hawkish move by the Bank of Japan – seen as the last of …….