Dow surges 500 points, led by Nike, on hope earnings will be better than feared
Posted on AllSides December 21st, 2022
From The Center
Stocks rose for a second day Wednesday after earnings reports from two bellwethers raised hopes that corporate earnings may be better than feared even with a potential recession.
The Dow Jones Industrial Average gained 532 points, or 1.6%. The S&P 500 and Nasdaq Composite jumped 1.6% and 1.8%, respectively.
“We got sort of oversold and I think the market was looking for an excuse to rally, and the Nike and FedEx number provided that,” said Sam Stovall, chief investment strategist at CFRA Research. “I really question, however, if this is...
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