NASDAQ Rises for 2nd Straight Day

U.S. stocks rose again on Tuesday as Wall Street appeared to find its footing after a rocky start to the new year.

The Dow Jones Industrials advanced 19.49 points to 36,088.36.

The S&P 500 gathered 17.97 points to 4,688.26.

The NASDAQ hiked 162.97 points, or 1.1%, to 15,105.79.

Large tech stocks helped support the broader market, with Amazon rising 2% and shares of Apple and Nvidia gaining roughly 2% each. Other notable gainers included Illumina, which rose 10% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.

Shares of IBM, which was downgraded by UBS, fell 3% and weighed on the Dow.

Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.

Earnings season will be in full swing by the end of this week with the big banks set to report starting Friday. Grocery chain Albertson’s reported results that beat expectations on the top and bottom lines on Tuesday morning.

Prices for 10-year Treasurys gained some ground, lowering yields to Monday’s 1.76%. Treasury prices and yields move in opposite directions.

Oil prices picked up $2.97 to $81.20 U.S. a barrel.

Gold prices roared ahead $16.60 to $1,815.40 U.S. an ounce.