Aug. 4, 2022, 12:09 AM +07 By Carmen Reinicke, CNBC and Tanaya Macheel, CNBC U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the End The Animal Holocaust Shirt In other words idea that a recession is inevitable. The Dow Jones Industrial Average rose 406 points, or 1.25%. The S&P 500 gained 1.46%, and the Nasdaq Composite increased 2.32%, boosted by rising tech stocks. Earnings season continued, giving investors hope that the market can recover. Moderna surged more than 15% and CVS Health gained nearly 5% after reporting earnings beats. Stocks rebound as investors cheer strong economic data AUG. 4, 202203:16 Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue. “We’re going to have to see convincing evidence across the board, headline and other measures of core inflation, all coming down convincingly before we’ll be able to feel like we’re doing our job,” Bullard said during a live “Squawk Box” interview. Bullard’s comments echo remarks made by other Fed officials. San Francisco Fed President Mary Daly said Tuesday the central bank’s work to tame inflation is “far from done.” Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS
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