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Dow soars 800 points as stocks extend massive rally on fresh hopes for less hawkish central banks

New York Stock Exchange
US stocks have rallied sharply since June.


  • The Dow soared 800 points, and the Nasdaq jumped 3% Tuesday as stocks capped their best two-day rally since 2020. 

  • A drop in US job openings and a smaller-than-expected rate hike from the Reserve Bank of Australia helped fuel the bullishness.

  • Twitter stock soared 23% on reports Elon Musk is moving ahead with plans to buy the social-media company.

US stocks closed sharply higher on Tuesday, extending early gains and capping the best two-day upward swing on Wall Street since 2020.

Traders increased bets on a dovish pivot from the Federal Reserve, fueled by a smaller-than-expected rate hike from the Reserve Bank of Australia.

Employment data added to optimism that the tightening cycle may come to a close sooner than previously thought. Job openings in August plunged by 1.1 million in a possible sign that a slowing labor market will ease inflationary pressure. 

Here's where US indexes stood shortly after the 4:30 p.m. ET close on Tuesday:

Here's what else is happening:

In commodities, bonds and crypto:

  • Oil prices climbed ahead of the next monthly meeting of OPEC+ on Wednesday, with West Texas Intermediate crude up 3.21% to $86.29 per barrel. Brent crude, the international benchmark, rose 2.88% to $91.41.  
  • Gold ticked up 1.55% to $1,725.82.
  • The 10-year Treasury yield fell 3.6 basis points to about 3.617%. 
  • Bitcoin gained 0.17% to $20,094.91
Read the original article on Business Insider