The stock exchanges in New York opened with a solid gain on Tuesday, building on the strong gains from the day before. Investors on Wall Street speculate that the US central bank may become less aggressive in raising interest rates against high inflation.
Tesla showed some recovery after the sharp fall the day before. In addition, industry partner Rivian Automotive reported better-than-expected production figures, which were significantly higher.
Shortly after opening, the Dow Jones index was 1.9 percent higher at 30,055 points. The broad S&P 500 climbed 2.2 percent to 3757 points, and the technology exchange Nasdaq rose 2.5 percent to 11,085 points. On Monday, profits on the stock boards were up to 2.7 percent.
Tesla recorded a plus of more than 3 percent. A day earlier, the maker of electric cars plunged almost 9 percent after disappointing deliveries in the third quarter. Rivian jumped almost 7 percent. The company announced that 7,363 electric vehicles were built in the third quarter, an increase of 67 percent compared to the second quarter. In addition, Rivian maintained its target of producing 25,000 electric cars this year.
Biotechnologist Gilead Sciences, in turn, was up nearly 3 percent after a recommendation increase by JPMorgan Chase. The bank’s analysts say Gilead is currently undervalued. Pizza chain Domino’s Pizza gained more than 4 percent in value thanks to a buy recommendation from UBS. The Swiss bank says concerns about weakening demand for pizzas are exaggerated.
Furthermore, the online marketplace Poshmark increased by more than 13 percent. South Korean internet company Naver is acquiring Poshmark in a deal worth about $1.2 billion in cash.
Shortly after the start of trading on the stock exchange, data on factory orders and vacancies in the United States are still being reported. On Monday, data about the American industry came out. It showed that industrial activity in the world’s largest economy is weakening.
Oil prices were on the rise. The price of a barrel of US oil cost 2.7 percent more at $85.86, and Brent oil also became 2.7 percent more expensive at $91.27 per barrel. The euro was worth 0.9926 dollars against 0.9822 dollars a day earlier.