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Wall Street Snaps 2-Day Drop as US Stocks Run Opposite to Commodities Selloff

© AP Photo / John MinchilloA Wall Street sign is shown in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York.
A Wall Street sign is shown in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York. - Sputnik International, 1920, 19.04.2022
NEW YORK (Sputnik) - Wall Street closed higher for the first time in three sessions, helped by expectations of another strong US earnings season and on rotational play to oil and commodity markets, which plunged after a downgrade of global economic forecasts by the International Monetary Fund.
The three major US indexes - the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite  - rose by an average of 1.7% at Tuesday’s close. They had fallen by 1.3% on the average in the past two sessions.
The rebound came as stocks from leisure to technology gained on expectations of steady earnings from US corporations for the first quarter of 2022.
“It's been a turbulent few months for stock markets, what with investors facing the prospect of higher inflation, faster rate hikes, lower growth and a prolonged war in Ukraine,” Craig Erlam, analyst at online trading platform OANDA, said. “And yet as we navigate through the early stages of [the] first-quarter earnings season, we're continuing to see the kind of resilience we often associate with stock markets, particularly those in the United States.”
Equities also gained in contrast to the slump in commodities.
Crude oil prices fell 5% Tuesday amid a selloff in global commodity markets after the International Monetary Fund slashed its world growth forecasts for 2022 and 2023, citing runaway fuel and food costs and other challenges from the Ukrainian crisis.
At the close, the S&P 500 - which groups the top 500 US stocks - finished up 71 points, or 1.6%, at 4,462.
The Nasdaq Composite - which houses the biggest technology names of the world, including Amazon, Apple, Netflix and Google - closed up 287 points, or 2.1%, at 13,620.
The Dow, which lists travel, aviation and cross-industry value stocks, settled up 500 points, or 1.5%, at 34,911.
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