Wall Street Bounces Back Amid Fed’s Uncertainty
(NEW YORK) — After a few rough days, strong earnings helped to turn things around on Wall Street Tuesday.
The Dow rose 0.6 percent to close up 78 points, while the Nasdaq and S&P gained 13 points and 10 points, respectively.
U.S. stocks had been taking a beating earlier between investor worries about global growth and signs of weakness in the U.S. economy. Speaking before the Senate Banking Committee on Tuesday, Federal Reserve chief Ben Bernanke provided few details about any steps the Fed would take to boost the economy, putting a damper on the markets initially, according to the Wall Street Journal.
Still, the Dow recovered Tuesday after dropping more than 82 points — its largest jump from negative to positive trading in almost six months, according to the Journal.
Goldman Sachs (+0.31 percent), Mattel (+9.70 percent) and Coca-Cola (1.58 percent) were among Tuesday’s strongest performers.
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