Stock exchanges on Wall Street opened the trading session on Tuesday registering large gains, with investors drawing optimism from the cooler-than-expected consumer inflation reading that could prompt the Federal Reserve to slow the rate of federal fund increases in order to stimulate the country’s economic growth and avoid tipping the economy into a recession with its aggressive monetary tightening.
The Dow Jones Industrial Average recorded a 670-point gain or skyrocketed by 1.94% at the opening bell. Home Depot Inc. was its best performer, jumping 4.41%. The Nasdaq 100 surged by 3.82% or 446 points, and the S&P 500 moved up by 2.60%. Moderna Inc. pulled both indexes up, soaring 20.85%.
The euro soared 1.23% against the American currency, to change hands to $1.06657 at 9:28 am ET.