another fed official supported a slower pace of interest rate rises us stocks resumed their rally tuesday bolstered by data suggesting wholesale inflation is slowing while earnings from giant retailer walmart also helped against a backdrop of signs of easing tensions between the us and china on monday the dow jones industrial average fell 211 points or 063 to 33537 the sp 500 declined 36 points or 089 to 3957 and the nasdaq composite dropped 127 points or 112 to 11196 the nasdaq composite is up 85 from its 2022 closing low hit on october 14 but remains down 284 for the year to date us stocks rocketed higher on tuesday morning after another batch of inflation data showed that whole prices rises were slowing in october for the second straight month the producerprice index climbed 8 over the 12 months through october the labor department said tuesday easing from septembers revised 84 increase last week stocks surged after the october consumerprice index rose more slowly than expected tuesdays ppi report helped support the notion that inflation has peaked at least for now in other news the first facetoface meeting between president joe biden and president xi jinping helped support stocks listed in china and hong kong as some of the tensions between the worlds two largest economies were seen to be easing hong kongs hang seng jumped 41 taking its gains so far in november to 248 as chinese listed stocks shrugged off some soft retail sales data and welcomed signs of cooling ussino tensions along with signs that beijing is preparing to support its beleaguered property sector there were also more indications that the mainland government would ease covid19 restrictions the upbeat tone from asia  which included taiwan semiconductor manufacturing company jumping 78 on news warren buffett had bought a 5 billion stake  underpinned european bourses and us futures the injection of optimism inserted into the limbs of the financial market after last weeks us cpi report showed some signs of fading yesterday although theres been a recovery in asia as china continues to support the economy and the interpretation of bidenxi meeting yesterday is spun a bit more positively in asia said jim reid strategist at deutsche bank analysts increasingly expect stocks to enjoy a positive end to the year the nearterm picture still looks positive for us benchmark indices and while momentum has reached intraday overbought levels this doesnt imply a selloff has to happen right away said mark newton head of technical strategy at fundstrat it still looks possible to gain further this week with targets up near spx 405075 and larger targets up near 4120 while i do expect that recent gains will require some consolidation this might hold off until late week ahead of a push higher post thanksgiving into early december overall last weeks surge keeps trends positive near term newton added philadelphia fed president patrick harker added more fuel to the equity rally when he said early tuesday that a 50 basis point hike in december would still be significant later in the morning fed vice chair michael barr is set to testify on regulation at the senate banking committee starting at 10 am et the empire state manufacturing index for november showed a gauge of manufacturing activity in the state rose 136 points to 45 this month finally earnings from some of the largest retailers in the us were released early tuesday