Tech and growth stocks lead the Wall Street rise

On Tuesday, Stocks in the United States performed better, driven by a 2% gain in the Nasdaq. There was a recovery of early losses of shares of technology as well as other big growth names.

There was also a rise in Nike Inc after the company announced favorable results.

Financial stocks were among the day's strongest performances, with the S&P 500 bank index up 2.5% and the benchmark 10-year Treasury yield rising to 2.368%.

Apart from energy, every S&P 500 sector concluded the day higher. Five of the last six sessions have seen the three major indexes rise.

Last week saw the Federal Reserve increase the rate of the federal funds by a quarter of a percentage point from near-zero, and Fed officials are doing little to quell market expectations that the central bank of the U.S will raise rates by half a percentage point in May to keep inflation under control. 

While increased loan rates are not favorable for consumers and many companies, they assist banks in improving their profit prospects.

The greatest gains to the S&P 500 and the Nasdaq were from Alphabet Inc, Amazon.com Inc, Microsoft Corp, Tesla Inc, and Apple Inc.

There was a 1.4% increase on the S&P 500 technology index, but it is still down 10% for the quarter, one of the steepest drops among the main sectors.

The chief investment strategist at the Leuthold Group in Minneapolis, Jim Paulsen based on the recent lows said “you sort of really did wash out the sellers.”

He added, “Now you're seeing even the old leadership bounce a little bit, giving people a little support that maybe the worst is over. Underneath all of it is that economic and earnings data have remained fairly good.”

Stock from Nike Inc gained 2.2% after the firm topped quarterly profit and revenue projections and said that the manufacturing concerns that had stifled sales in the previous six months had been resolved.

The Dow Jones Industrial Average increased by 0.74%, to 34,807.46, the S&P 500 increased by 1.13%, to 4,511.61, and the Nasdaq Composite increased by 1.95%, to 14,108.82.

As Tesla Inc made a delivery of its first German-made cars in its newly launched factory in Gruenheide, Germany. Its stock soared 7.9%.

Chairman of the Federal Reserve, Jerome Powell said on Monday that the Central Bank must take action immediately to increase rates.

He was asked what would prevent the central bank from increasing rates by half a percentage point at the May 3-4 policy meeting and his response was “nothing”.

The Federal Reserve chairman will appear again to speak on Wednesday.

Investors continued to monitor the Russia-Ukraine crisis, with Ukrainian officials reporting that the embattled port city of Mariupol is under constant assault as Russian forces redouble their efforts to conquer it.

On the New York Stock Exchange, advancers exceeded decliners by a 1.71-to-1 ratio, while on the Nasdaq, advancers outpaced decliners by a 2.53-to-1 ratio.

The S&P 500 made 36 new 52-week highs, while the Nasdaq Composite made 60 new highs and 37 new lows.

On U.S. exchanges, volume was 12.14 billion shares, compared to a 14.5 billion average for the whole session for the previous 20 trading days.