NEW YORK, New York – U.S. stocks zoomed higher on Tuesday after data showed further interest rate hikes may not be inevitable after all. The U.S. dollar slid while global stock markets mostly pushed higher. Bond yields eased.

“Investors are of the mindset that ‘You know what, maybe interest rate hikes are indeed behind us. So let’s buy back into stocks’,” Sam Stovall, chief investment strategist at CFRA Research told Reuters Tuesday.

The July non-farm payrolls report on Friday will offer investors more clarity about the state of the labor market. Focus will also be on the personal consumption expenditures index, the Fed’s preferred inflation gauge, which is due on Thursday, Reuters reported.

Here are the closing quotes for Tuesday:

S&P 500 (^GSPC): The S&P 500, a benchmark index for the U.S. stock market, closed at 4,497.77, registering a robust increase of 64.46 points, equivalent to a gain of 1.45 percent.

Dow Jones Industrial Average (^DJI): The Dow Jones Industrial Average concluded the day at 34,856.56, marking a gain of 296.58 points, or 0.86 percent.

NASDAQ Composite (^IXIC): The NASDAQ Composite surged to 13,943.76, with an impressive increase of 238.63 points, or 1.74 percent.

These gains across major indices were driven by various factors, including positive economic data, strong corporate earnings reports, and improving market sentiment. Investors were particularly encouraged by economic indicators indicating robust consumer spending, low unemployment rates, and healthy corporate profits.

Market participants also closely monitored developments related to monetary policy and trade negotiations, which continued to play a significant role in shaping market trends.

Trading volumes remained healthy throughout the day, with millions of shares changing hands, indicating broad-based investor participation and confidence in the current market conditions.

Global Forex Markets Close Tuesday with U.S. Dollar Under Pressure

The U.S. dollar lost ground Tuesday as stocks rallied and bond yields dived. Here are the closing exchange rates for the major currency pairs:

EUR/USD: The euro (EUR) gained ground against the U.S. Dollar (USD), settling at 1.0886. This represented an increase of 0.62 percent, equivalent to a rise of 0.0067.

USD/JPY: The Japanese yen (JPY) firmed to 145.76. This resulted in a decrease of 0.52 percent, amounting to a gain of 0.75.

USD/CAD: Similarly, the U.S.. Dollar (USD) lost value against the Canadian dollar (CAD), with the pair reaching 1.3559 Tuesday. This marked a decrease of 0.29 percent, equal to a drop of 0.0039.

GBP/USD: The British pound (GBP) strengthened against the greenback, closing around 1.2652. This represented a rise of 0.41 percent, or 0.00514.

USD/CHF: The Swiss franc advanced to 0.8777. This resulted in a gain of 0.69 percent, or 0.0060.

AUD/USD: The Australian dollar (AUD) gained against its U.S. counterpart, closing at 0.6483. This marked an increase of 0.84 percent, equivalent to a rise of 0.0054.

NZD/USD: The New Zealand dollar (NZD) appreciated against the dollar as well, settling at 0.5975. This represented a substantial gain of 1.11 percent.

Global Markets Show Positive Momentum Tuesday

In a day of impressive gains, global stock markets rallied on Tuesday, with several major indices closing in the green, while others experienced only marginal fluctuations. The world was closely watching as markets delivered mixed results, reflecting a blend of positive economic indicators and cautious investor sentiment.

CANADA

S&P/TSX Composite index (^GSPTSE): In Canada, the S&P/TSX Composite index closed at 20,290.41, showing significant growth of 265.27 points, or 1.32 percent.

UNITED KINGDOM

The FTSE 100 in London surged ahead, closing at 7,464.99, up 126.41 points, representing a robust 1.72 percent increase. This stellar performance was driven by optimism surrounding the UK’s economic recovery efforts.

EUROPE

Across Europe, the ESTX 50 PR.EUR (STOXX50E), Euronext 100 Index (N100), and BEL 20 (BFX) in Brussels posted gains of 0.76 percent, 0.69 percent, and 0.88 percent, respectively.

In Frankfurt, the DAX PERFORMANCE-INDEX (GDAXI) witnessed a steady rise Tuesday, concluding the day at 15,930.88, up 138.27 points, or 0.88 percent. The German market’s gain was attributed to strong corporate earnings reports and export data.

Meanwhile, Paris’s CAC 40 (FCHI) climbed to 7,373.43, marking a 0.67 percent rise, or 48.72 points, driven by improving consumer confidence and rising industrial production.

RUSSIA

In Russia, the MOEX Russia Index (IMOEX.ME) ended the day on a slightly negative note, down 0.19 percent, shedding 4.14 points, closing at 2,222.51.

ASIA

In Asia, the Nikkei 225 (N225) index reported a modest 0.18 percent uptick, with a gain of 56.98 points, closing at 32,226.97. Investors in Japan seemed cautiously optimistic amid mixed economic data.

Hong Kong’s HANG SENG INDEX (HSI) demonstrated a strong performance, closing up 1.95 percent, or 353.29 points, at 18,484.03. The impressive gains were influenced by robust earnings from tech giants and improving global trade conditions.

In China, the SSE Composite Index (000001.SS) reported a gain on Tuesday of 1.20 percent, or 37.25 points, closing at 3,135.89, with substantial trading volume at 1.233 billion shares. The Shenzhen Index (399001.SZ) also rose by 2.17 percent, adding 221.83 points to reach 10,454.98, with trading volume at 2.457 billion shares.

Singapore’s STI Index (STI) gained 0.29 percent, or 9.41 points, reaching 3,223.09, reflecting positive regional economic trends.

The Indian S&P BSE SENSEX (BSESN) posted a marginal gain of 0.12 percent, or 79.22 points, settling at 65,075.82, while India’s NIFTY 50 (NSEI) reported a modest 0.19 percent gain, adding 36.60 points to close at 19,342.65.

Indonesia’s IDX COMPOSITE (JKSE) and Malaysia’s FTSE Bursa Malaysia KLCI (KLSE) reported gains of 0.52 percent and 0.72 percent, respectively.

South Korea’s KOSPI Composite Index (KS11) and Taiwan’s TSEC weighted index (TWII) showed steady growth, adding 0.34 percent and 0.69 percent, respectively.

OCEANIA

In the land down under, the ALL ORDINARIES (AORD) index in Australia reported a 0.69 percent gain Tuesday, adding 50.50 points to close at 7,416.40, while the S&P/ASX 200 (AXJO) climbed by 0.71 percent, or 50.70 points, to close at 7,210.50, supported by strong commodity prices and resilient economic fundamentals.

In New Zealand, the S&P/NZX 50 INDEX GROSS (NZ50) rose by 0.43 percent, or 49.11 points, closing at 11,528.12.

AFRICA

The Top 40 USD Net TRI Index (JN0U.JO) in Johannesburg experienced a marginal uptick of 0.18 percent, or 7.23 points, closing at 4,015.23 as investors weighed domestic economic uncertainties against global market trends.

MIDDLE EAST

On a different note, Israel’s TA-125 (TA125.TA) index faced a challenging day, closing down 0.90 percent, or 16.02 points, at 1,858.68.

Egypt’s EGX 30 Price Return Index (CASE30) experienced slight gains, rising by 0.24 percent, or 44.50 points Tuesday, with trading volume at 220.658 million.