Wall Street extends rally, Treasury yields waver after solid earnings, economic data

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By Stephen Culp

NEW YORK (Reuters) - U.S. stocks surged and Treasury yields oscillated on Tuesday as better-than-expected earnings and robust factory data fueled investors' risk appetite.

Extending Monday's broad rally, all three major U.S. stock indexes were last up well over 1%, with gains across the board.

"The market was a bit oversold leading into Monday, and people were worried of what was going to happen over the weekend. People walked into the week feeling a little better," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "There are good earnings reports, you're getting a combination of short covering and fear of missing out, and that's where we are today."

Better-than-expected quarterly results from Goldman Sachs Group Inc (NYSE:GS) and Johnson & Johnson (NYSE:JNJ) set the tone, with robust industrial output data helping to sooth recession worries as central banks around the world tighten monetary policy to tackle inflation.

Monday's policy reversal from British finance minister Jeremy Hunt's continued to buoy investor sentiment.

"It shows global central banks are willing to change if the market tells them they're doing something wrong," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.

The Dow Jones Industrial Average rose 351.26 points, or 1.16%, to 30,537.08, the S&P 500 gained 42.62 points, or 1.16%, to 3,720.57 and the Nasdaq Composite added 99.86 points, or 0.94%, to 10,775.66.

European shares also extended their policy U-turn rally with an assist from the tech sector to close modestly higher on the day.

The pan-European STOXX 600 index rose 0.34% and MSCI's gauge of stocks across the globe gained 1.20%.

Emerging market stocks rose 1.47%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.52% higher, while Japan's Nikkei rose 1.42%.

Treasury yields continued their ascent after the Bank of England confirmed its gilt sales.

Benchmark 10-year note yield was last at 4.0148%, from 4.015% late on Monday.

The 30-year bond last fell 12/32 in price to yield 4.039%, from 4.015% late on Monday.

The British pound dipped after surging nearly 2% on Monday, which propped up the greenback against a basket of world currencies, but the dollar gains were muted by risk-on investor sentiment.

The dollar index rose 0.08%, with the euro up 0.12% to $0.985.

The Japanese yen weakened 0.16% versus the greenback at 149.25 per dollar, while sterling was last trading at $1.131, down 0.38% on the day.

Crude prices dropped on fears of higher U.S. stockpiles and signs of waning global demand.

U.S. crude slid 3.09% to settle at $82.82 per barrel, while Brent settled at $90.03 per barrel, down 1.74% on the day.

The easing dollar helped support gold prices.

Spot gold added 0.1% to $1,650.81 an ounce.