Wall Street closed higher supported by upbeat economic data

Wall Street’s main stock indexes closed higher on Tuesday, recovering from a series of losses, after the release of upbeat economic data calmed investor fears of an imminent recession on expectations of a US interest rate hike.

According to preliminary data, the Standard & Poor’s 500 index rose by 49.25 points, or 1.14 percent, to close at 4,378.07 points, while the Nasdaq Composite Index rose 219.71 points, or 1.65 percent, to 13,555.49 points, according to Reuters.

The Dow Jones Industrial Average rose 210.66 points, or 0.62 percent, to 33,925.37 points.