After a slow start to Tuesday’s trading session, major U.S. equities indexes rallied in the afternoon.
Investors took in Federal Reserve Chair Jerome Powel’s positive tone about signs of progress in the fight against inflation. Earlier in the day, the Job Openings and Labor Turnover (JOLTS) survey showed a higher-than-expected number of available positions in the U.S. economy, signaling sustained strength in the labor market.
Despite dipping into negative territory Tuesday morning, the S&P 500 came on strong to close the session 0.6%, closing above the 5,500 milestone for the first time in its history. The Nasdaq jumped 0.8%, lifting the tech-heavy index to its second consecutive record close. The Dow was up 0.4%.
Tesla (TSLA) shares drove 10.2% higher, notching a second consecutive day as the top-performing S&P 500 stock. The electric vehicle (EV) maker topped analysts’ forecastswith its second-quarter delivery figures. The company also said it will release its next earnings report after the markets close on July 23, which …