US stocks rose on Tuesday, with the S&P 500 gaining 0.7 percent. The benchmark index recorded its fifth day in a row and is more than 5 percent from its low on October 4 after falling in September.
The gains mean that the S&P 500 is once again approaching record highs, now within 0.4 percent of a close high in early September.
Cryptocene prices have risen, with Bitcoin hitting $ 64,300, according to CoinDesk. On Tuesday, ProShares offered a long-awaited stock-traded fund on the New York Stock Exchange, which trades in Bitcoin and Bitcoin futures, is trading at unprecedented prices since April, when it briefly traded above $ 64,800.
Tuesday’s gains came after several major corporate earnings reports came stronger than expected.
Johnson & Johnson said revenue grew 10.7 percent to more than $ 23 billion in the third quarter compared to the same period last year. The pharmaceutical manufacturer’s shares rose 2.4 percent.
Procter & Gamble shares fell about 1.2 percent after the company said it had recorded higher commodity and shipping costs for the three months ending in September.
Equity investors have been shaken by Federal Reserve officials, who have suggested that if inflation remains high, the central bank may have to do more than just slow down its monthly bond purchases, which it is already preparing for.
“If monthly inflation outages remain high for the rest of this year, a more aggressive policy response than just a reduction may be guaranteed in 2022,” Christopher Waller, governor of the Federal Reserve, said in a statement on Tuesday.
His comment suggested that the central bank could put upward pressure on the interest rate, a more powerful and traditional instrument of the Fed, sooner than many had expected.
Mr Waller was concerned that the rapid rise in prices could continue.
“It wasn’t just a month or two high – it was high all year. It is important to admit it, “he said. “I am still very concerned about the risk of growth that rising inflation will not be temporary.”
Oil prices rose on Tuesday, with the US benchmark West Texas Intermediate gaining as much as 1.5 percent before stabilizing at $ 82.96 a barrel. Oil futures are at seven-year highs, up 70 percent this year due to the global energy crisis, which is pushing higher prices for other commodities.