WASHINGTON (dpa-AFX) - U.S. stocks climbed higher on Tuesday, rising sharply for a second straight session, amid hopes the Federal Reserve will slow down its aggression with regard to interest rate hikes after data showed a drop in job openings in the country.
The market had rallied on Monday after data showed a slower than expected pace of growth in U.S. manufacturing activity in the month of September, and a drop in construction spending as well.
The dollar fell, and bond yields dropped amid rising bets the Fed will be less hawkish with its policy stance.
The major averages all closed sharply higher. The Dow ended stronger by 825.43 points or 2.8 percent at 30,316.32. The S&P 500 climbed 112.50 points or 3.06 percent to settle at 3,790.93, and the Nasdaq surged to 11,176.41, gaining 360.97 points or 3.34 percent.
Microsoft, Alphabet, and Apple Inc. ended stronger by 2.5 to 3.2 percent.
Shares of Twitter Inc. soared as much as 22 percent, riding on reports Elon Musk is considering to acquire the company at the previously agreed price of $54.20 per share.
Rivian Automotive zoomed almost 14 percent after the company announced that it produced 7,363 electric pickups and SUVs during the third quarter of 2022.
Travel stocks Norweginan Cruise Line, Royal Carbbean, Carnival, Delta Air Lines and American Airlines are all up with strong gains.
General Motors rallied nearly 9 percent after the company reported a 24 percent rise in sales in the third quarter.
Ford Motor Company shares gained 7.8 percent after a group reported a 16% increase in third-quarter sales compared with a year earlier.
In overseas trading, Asian stocks climbed higher on Tuesday amid hopes for a dovish pivot from the U.S. Federal Reserve. The Bank of England is the first to pivot back to quantitative easing, claiming to restore market functioning and reduce risks of contagion.
The major European markets all ended with strong gains. The pan European Stoxx 600 climbed 3.12 percent. The U.K.'s FTSE 100 surged 2.57 percent, Germany's DAX rallied 3.78 percent, and France's CAC 40 gained 4.24 percent.
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