The Dow Jones Industrial Average gained 431.17 points, while the S&P 500 rose 2.02% and the Nasdaq Composite closed the day up 2.76%.
The S&P 500 has been on a six-week losing streak, while the Dow has fallen for seven consecutive weeks as the S&P 500 is down 14.2% for the year and the Dow has fallen 10.1%.
Semiconductor stocks were on the rise with
Travel stocks also contributed to Tuesday's gains as
Home Depot stock climbed 1.68% after posting better-than-expected quarterly results, while
Investors on Tuesday also reacted to a
"The desire to spend is strong among
In the face of rising inflation,
"Restoring price stability is an unconditional need -- it's something we have to do," Powell said during the
The economy doesn't work for workers, or for businesses, or for anybody without price stability," he added. "It's the bedrock of the economy and it's something we need to do if we want to have the labor market we all want to have."
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