U.S. stocks rallied late on Tuesday to end higher for a second straight day as technology and energy shares gained, while Target Corp’s warning about excess inventory weighed on retail stocks for much of the session.
The S&P 500 technology sector gave the benchmark index its biggest boost.
Apple shares climbed despite news that the company must change the connector on iPhones sold in Europe by 2024.
Shares of Target fell after the retailer said it would have to offer deeper discounts and cut back on stocking discretionary items.
Trading was choppy, with indexes down early in the day, but the market has been recovering from recent steep losses.
The Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33,180.14, and the S&P 500 gained 39.25 points.
SPX, and the Nasdaq Composite added 0.94%, to 12,175.23.
Long-dated U.S. Treasury yields tumbled after the Target news, fueling some speculation that the worst of inflation may be in the past.
Consumer price data on Friday is expected to show that inflation remained elevated in May, though core consumer prices likely ticked down on an annual basis.
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