– A + A (May 18): Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth. Ten of the 11 major S&P sector indexes advanced, with financials, materials, consumer discretionary and technology all gaining more than 2%. Investors were cheered by data showing U.S. retail sales increased 0.9% in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants. Recently punished shares of Microsoft Corp, Apple Inc, Tesla Inc and Amazon gained between 2% and 5.1%, driving the S&P 500 and the Nasdaq higher. Tuesday’s broad rally followed weeks of selling on the U.S. stock market that last week saw the S&P 500 sink to its lowest level since March 2021. “The largest pockets of stocks that investors tend to buy have been essentially beaten up. They’re either in correction or bear market territory,” said Sylvia Jablonski, chief investment officer of Defiance ETF. “I think investors are looking at these opportunities to buy on the dip, and I suspect that today is a good day to do that.” The S&P 500 Banks index jumped 3.8%, with Citigroup climbing… Read full this story
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