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Investing.com — U.S. stocks attempted to stage a rally as investors put aside concerns about global growth despite new lockdowns in China to contain the spread of Covid-19.
At 10:29 ET (15:29 GMT), the Dow Jones Industrial Average rose 271 points or 0.8%, while the S&P 500 rose 0.7% and the NASDAQ Composite rose 0.3%.
Retailer earnings were helping lift the mood. Electronics chain Best Buy Co Inc (NYSE:BBY) shares rose 9.5% after providing a forecast that showed a smaller-than-expected drop in annual sales as it enters the holiday shopping season.
Pharmacy chain Walgreens Boots Alliance Inc (NASDAQ:WBA) shares rose 2% after Cowen analysts upgraded it because of its push into the healthcare services business.
In China, officials shut parks, museums and shopping malls in the capital city of Beijing to battle a new surge in virus cases. China is a major importer of oil, and shutdowns there threaten to disrupt global growth. News of new lockdowns sent oil tumbling on Monday, but then it recovered.
Fed officials have been talking this week ahead of the release of the minutes from the last policy meeting, something investors are awaiting on Wednesday before they head off for the Thanksgiving holiday break in the U.S. On Monday, Cleveland Fed President Loretta Mester said she could support a smaller interest rate increase when the Fed meets next month.
The expectation is the Fed could raise rates again, but by a half-percentage point increase instead of the 0.75 percentage point increases at each of its last four meetings.
Today, St. Louis President James Bullard and Kansas City President Esther George are slated to speak publicly.
Oil rose. Crude Oil WTI Futures was up 2% to $81.64 a barrel, while Brent Oil Futures crude was up 2% to $89.16 a barrel. Gold Futures rose 0.3% to $1,744.
