Stocks up amid solid earnings reports

S&P 500’s increase makes up for losses suffered last week

Stocks on Wall Street closed broadly higher Tuesday, as solid company earnings helped lift several retailers ahead of the Thanksgiving holiday.

The S&P 500 rose 1.4 percent, more than making up for its losses last week. The Dow Jones Industrial Average rose 1.2 percent and the

Nasdaq composite gained 1.4 percent.

All of the company sectors in the benchmark S&P 500 index rose, with technology stocks driving much of the rally. Chipmaker Nvidia rose 4.7 percent.

Financial and health care stocks also helped lift the market. Charles Schwab rose 1.6 percent, and Pfizer added 1.9 percent.

Energy stocks notched the biggest gain as the price of

U.S. crude oil rose 1.5 percent. Chevron rose 2.6 percent.

“Yesterday’s slow sell-off of energy was overdone,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “So you’re getting a bounce back in energy, and that’s really leading the market.”

Long-term Treasury yields fell. The yield on the 10-year Treasury, which influences mortgage rates, fell to

3.76 percent from 3.84 percent late Monday.

“When rates go down, it’s great for all stocks,” Hatfield said.

The S&P 500 rose 53.64 points to 4,003.58. The Dow gained 397.82 points to 34,098.10. The tech-heavy Nasdaq climbed 149.90 points to 11,174.41.

Smaller company stocks also got a boost. The Russell 2000 rose 21.20 points, or

1.2 percent, to 1,860.44.

Investors have little news to review this week, but several retailers and technology companies are closing out the latest round of corporate earnings with their financial results. Best Buy surged 12.8 percent after the electronics retailer did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected.

Dell Technologies rose

6.8 percent after the computer maker reported strong third-quarter profit and revenue. Zoom Video slumped 3.9 percent after giving investors a weak profit and revenue forecast.

Several retailers made strong gains after solid financial results. Abercrombie & Fitch surged 21.4 percent, and American Eagle jumped 18.2 percent.

S&P 500 companies have reported overall earnings growth of about 2 percent but have issued warnings about weaker consumer demand as inflation continues squeezing consumers.