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3 Jun 2022

Wall Street ended sharply higher, boosted by Tesla and Nvidia Stocks

The Index Today

On Thursday, Wall Street ended sharply higher led by Tesla (NASDAQ:TSLA), Nvidia (NASDAQ:NVDA) and other mega cap growth stocks.

Recent data shows that Tesla, Nvidia and Meta Platforms each rose more than 4%, fueling gains in the S&P 500 and Nasdaq. Amazon (NASDAQ:AMZN) rallied 3.1% and Apple (NASDAQ:AAPL) added 1.7%.

Of the 11 S&P 500 sector indexes, 10 rose, led by Consumer Discretionary, up 3.03%, followed by a 2.69% gain in Materials.

The U.S. stock market has recovered from a drop in recent sessions, after Federal Reserve Vice Chair Lael Brainard said that she backs at least a couple more half percentage point interest rate hikes, and with investors debating whether the worst of a selloff that has dominated Wall Street in 2022 may be over.

Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota, warned investors and said "Volatility has become the norm, not the exception. Stocks are being held hostage by inflation, and until inflation gets under control, volatility is likely to remain high."

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