Stocks rise as investors await inflation, earnings updates

Stocks escaped an early decline and, instead, marched higher on Wall Street as investors await information on inflation and corporate earnings.

worries about recessions are hitting major economies worldwide. The S&P 500 rose 0.6% as of 12:52 p.m. Eastern. The benchmark index fell as a much as 1.2% earlier after a dour forecast from the International Monetary Fund stoked recession fears.

The Dow Jones Industrial Average rose 366 points, or 1.3%, to 29,565 and the Nasdaq rose 0.4%. Health care companies and retailers made some of the strongest gains. Johnson & Johnson rose 1.8% and Walmart rose 2.7%.

Technology stocks represent the weakest area of the market. Chipmakers continued slipping in the wake of the U.S. government’s decision to tighten export controls on semiconductors and chip manufacturing equipment to China. Qualcomm fell 2.4%.

Uber fell 7.6% and Lyft slumped 7.8% following a proposal by the U.S. government that could give contract workers at ride-hailing and other gig economy companies full status as employees.