NEW YORK: Wall Street stocks climbed early Tuesday, rallying after several losing sessions that analysts have said left the market “oversold” in the short term.
The gains came as US durable goods orders fell 0.2 percent to $272.7 billion last month in a report that was far better than analysts had expected.
US stocks open the trading week mixed
But market watchers attributed the early gains to the beaten-down state of US equities over the last month following hawkish commentary by the Federal Reserve that has been followed by aggressive interest rate hikes by the US central bank and overseas peers.
About 15 minutes into trading, the Dow Jones Industrial Average was up 1.3 percent at 29,631.20.
The broad-based S&P 500 jumped 1.6 percent to 3,711.57, while the tech-rich Nasdaq Composite Index advanced 2.0 percent to 11,022.03.
Both the Dow and S&P 500 finished at their lowest level of 2022 on Monday following another losing session.
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