"The fear of things collapsing is going away"
- Tom Wirth, a senior investment officer for Chemung Canal Trust Co.
U.S. stocks extended gains on Tuesday amid better than forecast company earnings and hopes central banks will take measures to stimulate global economic growth.
"The fear of things collapsing is going away," said Tom Wirth, a senior investment officer for Chemung Canal Trust Co.
"The recession, which everyone was concerned about a month ago, is not going to happen. There's a perception that the ECB is willing to buy bonds if needed."
The Standard & Poor's 500 rose 0.51% to 1,401.35. The Dow Jones Industrial Average climbed 0.39%, or 51.09 points, to 13,168.60. The Nasdaq Composite edged higher 0.87% to 3,015.86.
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