Stock market news: Dow jumps 400 points, claws back some October losses

Traders
work on the floor of the New York Stock Exchange shortly after
the opening bell in New York
Thomson
Reuters

• Stocks jumped Tuesday as Wall Street shook off fears
  about rising rates and signs of slowing growth.
• After a string of sharp sell-offs in recent weeks, the
  US indices are on track for their worst month since the
  financial crisis.
• 
  Follow the US indices in real
  time here.
  

Stocks rose Tuesday as Wall Street clawed back from of its
October losses.

The Dow Jones Industrial Average
jumped 1.76%, or more than 400 points, led higher by Boeing
(+4.4%) and Intel (+5.3%). The Nasdaq Composite rose 1.57%, and
the S&P 500 rose 1.58%, escaping correction territory. After
a string of sharp sell-offs in recent weeks, the US indices are
on track for their worst month since the financial crisis.

“Developed market equities have
had a terrible October so far, with little sign of improvement on
Tuesday,” said John Higgins, chief markets economist at Capital
Economics, citing concerns about economic growth
prospects.

Earnings season continued,
with


Coca-Cola

topping Wall
Street expectations.

General
Electric

, on the other
hand, fell to its lowest point since 2009 after the
company

slashed its dividend

to a penny a share and said the
Securities and Exchange Commission is expanding an investigation
into its accounting practices. Baidu, eBay
and 

Facebook

are expected to report after the
bell — find live updates from Business
Insider 

here

.

Trade tensions between the US and
China have cast uncertainty over earnings season. President
Donald Trump told Fox News on Monday that he expects a

“great deal”

with Beijing. But Bloomberg
reported hours earlier that his administration is ready to place
tariffs on all remaining Chinese imports if proposed talks with
Beijing next month fail.

“The tone of equity markets and
risk sentiment more broadly prevails as the major force in the
G10,” said Mark McCormick, an analyst at TD Securities. “The
trade war is unlikely to end but we also think a lot of bad news
is priced in for G10.”

Investors backed off from US
government bonds after


Conference Board

data
showed consumer confidence rose unexpectedly to its highest level
since 2000 this month, in part thanks to a humming labor market.
Monthly employment numbers are out in the US on Friday.

Yields on the benchmark 10-year
Treasury note, which move inversely to prices, climbed 2.4 basis
points to 3.111%, and the 30-year was nearly 3 basis points
higher at 3.357%. The


dollar

held near a
16-month high against a basket of peers, while the Chinese yuan
plummeted to a


decade-low

.