Movers: Credit Suisse, Cruise Lines, Poshmark, Rivian, Tesla, Twitter

Barry Adams
04 Oct, 2022
New York City

Stocks extended rally for the second day in a row as fears recede on Wall Street. 

Market mood improved on the hopes that the Federal Reserve may slow future rate hikes and may even pause as the U.S. rate hikes are stoking worldwide commodities inflation and currency market chaos. 

The S&P 500 index jumped 2.8% to 3,781.24 and the Nasdaq Composite index surged 3.3% to 11,600.59. 

Energy complex stocks led the gainers after crude oil prices extended two-week gains to 14%. 

Exxon Mobil, Chevron, Hess Corp and Schlumberger jumped nearly 4%. 

Credit Suisse Group AG jumped 10.6% to $4.43 after facing a storm on Monday following a report that company executives over the weekend assured investors of the company's financial health. 

Cruise companies rebounded following a surge in travel and leisure stocks. 

Carnival Cruise soared 12.7% to $7.72, Norwegian Cruise Line surged 16.2% to $13.25 and Royal Caribbean Cruises Ltd jumped 15.4% to $43.40. 

Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal. 

Both companies said the deal is expected to generate "significant revenue and cost synergies." 

Rivian Automotive Inc jumped 12.6% to $35.92 after the electric vehicle maker said third quarter production surged 67% from the previous quarter. 

Rivian said it produced 7,363 and shipped 6,584 vehicles in the third quarter  

The company also said it is on track to meet its lowered annual production target of 25,000 announced in March. 

Rivian had originally set its annual production target of 50,000. 

Tesla Inc rebounded 2.6% to $248.72 after the company dropped more than 8% in Monday's trading after releasing third quarter production and shipments. 

The company produced 365,923 and shipped 343,830 electric vehicles, lower than estimated by investors. 

Twitter Inc soared 12.6% to $47.93 after Elon Musk proposed to continue with the original offer of $54.20 a share proposed on April 25, 2022 and complete the purchase of social media platform. 

Twitter released the proposal in an regulatory filing with the SEC.