The three major indexes posted their best one-day percentage gains in over a week as tech and materials stocks led the rally. Fred Katayama reports.
A big broad-based advance on Wall Street. Tech stocks led the way, and rising commodity and metals prices boosted materials stocks. Lawmakers' positive comments on tax reform and the debt ceiling raised investors' hopes, says Steve Dudash of IHT Wealth Management. SOUNDBITE: STEVE DUDASH, PRESIDENT, IHT WEALTH MANAGEMENT, (ENGLISH) SAYING: "Let's be honest. The President's had a bad track record with what he's been focusing on when it's non tax-oriented, when it's non-regulatory oriented. Any time you're siding with Nazis and whatever you're on the wrong side of that argument. But it looks like they're finally spending time on what we really need them to work on right now: tax reform, regulatory reform, and that'll spur more business growth." Macy's shares rose. The department store operator said it'll restructure its merchandising operations and cut 100 jobs. DSW sprinted higher. It bucked the trend of disappointing results from footwear retailers with a surprise increase in comparable store sales. An unexpected quarterly loss sank shares of beauty products maker Coty. Major European markets snapped their three-day losing streak. A rally in iron ore prices and strong earnings from miners lifted basic resources stocks.