Wall Street advances as market players keep an eye the future inflation reading
The stock exchange climbed on Tuesday,buoyed by Amazon.com and Apple, while investors focused on upcoming inflation data that could upset the market’s fragile recovery.
Amazon.com (AMZN.O) rose 1.9 percent while Apple (AAPL.O) added 0.73 percent, both helping the S&P 500 shake off a negative open to the session and climb 0.13 percent in afternoon trade.
Evidence of the impact of unpredictable, at times frenetic markets was clear almost everywhere in recent days. Traders who usually pick up their phones to exchange tidbits of information asked to speak after the close. Capital markets bankers cut meetings short to run back to their desks.
Among the biggest movers was sportswear retailer Under Armour (UAA.N), up more than 17 percent on robust quarterly sales, and AmerisourceBergen (ABC.N), up 8 percent after the Wall Street Journal reported Walgreens (WBA.O) was aiming to buy out the drug distributor.
Cleveland Fed president Loretta Mester, a voting member in the central bank’s rate-setting committee this year, proclaimed the present stock market sell-off and jump in volatility will not spoil the economy’s general strong performance.
After a extremely volatile week that sent the market into correction territory, U.S. stocks gained around 3 percent over Friday and Monday, their best two-day gain since June 2016.