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6/21, 10:01 PM (Source: TeleTrader)
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Wall Street shares rally at close, Dow soars 600 pts

Major stocks on Wall Street closed Tuesday's trading session with significant gains, following a sharp weekly decline in shares exacerbated by central banks' interest rate hikes and higher-than-expected inflation resulting in a deteriorating global macroeconomic forecast.

The White House reaffirmed the country is not seeing a recession, while the Federal Reserve stressed that the economy may expand further this fiscal year, aiming at a "smooth landing." Meanwhile, the National Association of Realtors reported a drop in existing home sales across the country, with a lower figure than the previous month.

The Dow Jones Industrial Average soared over 640 points or 2.15% at the closing bell, extending previous gains. UnitedHealth Group Inc. was the best performer, advancing by 6.25%. The Nasdaq 100 skyrocketed by 2.49% or 280 points, while the S&P 500 ended the session jumping by 2.45%, with Tesla Inc. pulling the indexes up, gaining 9.35%.

The euro was 0.23% higher compared to the dollar, to change hands for $1.05322 at 3:54 pm ET.

Baha Breaking News (BBN) / AB