STORY: Wall Street ended 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, as a new report showed consumers bought cars and frequented restaurants last month.
The Dow ended 1.34% higher. The S&P 500 finished up 2.02%, while the Nasdaq ended 2.76% higher.
Tuesday's broad rally followed weeks of selling in the stock market. The S&P and Nasdaq indexes are down about 14% and 24%, respectively, so far in 2022.
Zach Stein is co-founder and chief investment officer at Carbon Collective.
"Investors broadly are trying to figure out: 'how should we price all this uncertainty into what's going on in the markets today?' We're especially seeing that on the growth side of the market and technology stocks in particular are seeing investors trying to figure out: 'should we put cash into this or continue to pull it out?' Because while yesterday we saw it go down, today we're seeing that rebound."
Recently punished shares of Microsoft, Apple, Amazon and Tesla all rose on Tuesday.
Banks stocks jumped, with Citigroup climbing high after Warren Buffett's Berkshire Hathaway disclosed a nearly $3 billion stake.
United Airlines gained after the carrier lifted its current-quarter revenue forecast, boosting shares of Delta, American and Spirit Airlines.
But shares of Walmart fell after the retail giant cut its annual profit forecast, signaling a bigger hit to margins.