Dow jumps 339 points, S&P 500 out of correction territory

US stocks rose Tuesday on positive talks between Russia and Ukraine and as investors scooped up large-cap tech names.

Ticker Security Last Change Change %
I: DJI DOW JONES AVERAGES 35294.19 +338.30 +0.97%
SP500 S&P 500 4631.6 +56.08 +1.23%
I:COMP NASDAQ COMPOSITE INDEX 14619.636239 +264.73 +1.84%

RUSSIA INVADES UKRAINE: LIVE UPDATES

The S&P 500 rose 1.2% exiting the correction it entered in February when it fell 10% below its last peak. The Dow Jones Industrial Average tacked on over 339 points or 0.9% and the Nasdaq Composite jumped 1.8%

ECONOMIST WARNS US FACING ‘VERY SIGNIFICANT SLOWDOWN’

US stocks closed slightly higher following a choppy session, and bond yields remained near their highest levels in three years, with investors preparing for a campaign of interest-rate increases from the Federal Reserve. (Nicole Pereira/New York Stock Exchange via AP/AP Images)

Negotiators for Ukraine and Russia began another round of talks Tuesday aimed at stopping the fighting, and reports indicate progress is being made.

The developments helped push US oil down to $104.24 per barrel. Gold fell for the third straight session to $1,912 an ounce.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND LP 76.13 +1.56 +2.09%
BNO UNITED STS BRENT OIL FD LP UNIT 30.93 +0.54 +1.78%
GLD SPDR GOLD SHARES TRUST – EUR ACC 179.13 +0.05 +0.03%

In stocks, United Health will purchase Optum, part of LHC and an in-home health care services company, for $170 per share in a deal valued at $5.4 billion.

Ticker Security Last Change Change %
UNH UNITEDHEALTH GROUP INC. 510.81 -2.34 -0.46%
LHCG LHC GROUP INC. 166.56 +9.33 +5.93%

In other deal news, Nielsen Holdings will be acquired in an all-cash deal valued at $16 billion, including debt, by private equity firms Brookfield Asset Management and Elliott Management Corp.

Ticker Security Last Change Change %
NLSN NIELSEN HOLDINGS PLC 26.73 +4.53 +20.41%

Morgan Stanley confirmed to FOX Business it plans to enter the exchange traded fund business by launching a “first-class ETF platform” later this year. The move is taking on rivals, including BlackRock and State Street.

Ticker Security Last Change Change %
MS MORGAN STANLEY 91.84 +0.59 +0.65%
BLK BLACKROCK INC. 773.37 +23.71 +3.16%
ST STATE STREET CORP. 91.98 +1.88 +2.08%

Meme stocks AMC, GameStop and Bed Bath & Beyond remain active triggering at least one trading halt on the New York Stock Exchange.

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 29.44 +0.09 +0.31%
GME GAMESTOP CORP. 179.74 -10.24 -5.39%
BBBY BED BATH & BEYOND INC. 27.23 +0.91 +3.46%

TESLA JUICES CONSUMER DISCRETIONARY ETFS ON STOCK SPLIT PLAN

Frederick W. Smith, left, and Raj Subramaniam. (Business Wire via AP / AP Newsroom)

FedEx Corp shares in focus after CEO Fred Smith announced he will move to an executive chair role in June. Raj Subramaniam will be replacing Smith as CEO and president effective June 1, the package-delivery giant announced Monday.

Ticker Security Last Change Change %
FDX FEDEX CORP. 238.58 +8.54 +3.71%

Chip makers in focus with Micron set to report after the bell.

Ticker Security Last Change Change %
MU MICRON TECHNOLOGY INC. 82.05 +2.19 +2.74%
INTC INTEL CORP. 52.25 +0.74 +1.44%
NVDA NVIDIA CORP. 286.56 +4.37 +1.55%

Other earnings due later today include Chewy, Lululemon, Restoration Hardware and Virgin Orbit.

Ticker Security Last Change Change %
CHWY CHEWY INC. 51.00 +2.20 +4.51%
LULU LULULEMON ATHLETICA INC. 343.97 +12.19 +3.67%
RH RH 386.34 +19.27 +5.25%
VORB VIRGIN ORBIT 7.35 +0.57 +8.41%

In cryptocurrencies, Bitcoin hovered around the $47,000 level.

In economic data, The Conference Board released its March consumer confidence index, which rose to 107.2, lifting off from the lowest level since February 2021.

And home sales surged by over 19%, according to Case-Shiller’s latest data for January, with 16 of 20 cities notching price increases.

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The Associated Press contributed to this report.

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