Dow racks up gains as chip rally powers tech; European markets close higher with Stoxx 600 up 1.2% 
The Dow Jones Industrial Average gained 1.3%, or 430 points, the S&P 500 rose 2%, and the Nasdaq rallied 2.7%. Shares of Citigroup and Paramount Global surged on Tuesday after Berkshire Hathaway disclosed its holdings in the two companies. Citigroup jumped 8.5% after Warren Buffett’s conglomerate revealed it added a nearly $3 billon stake in the struggling bank during the first quarter. 
On the economic front, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April. 
Home Depot shares were flat after rising more than 3% earlier in the day following better-than-expected quarterly results. The home improvement retailer also raised its full-year outlook. In a Tuesday note, Jefferies analysts called the company a “beneficiary of a healthy consumer” committed to remodeling projects. 
At the same time, Walmart shares dropped more than 10% after the retail giant reported an earnings miss because of rising prices. The company raised its sales outlook, but lowered its profit forecast. 

The pan-European Stoxx 600 added 1.2% by the close, with basic resources climbing 3.5% to lead gains as almost all sectors and major bourses finished in positive territory. 
Euro zone GDP grew 0.3% in the first quarter, Eurostat figures revealed on Tuesday, as economic activity remained resilient despite the effects of the omicron Covid-19 variant and Russia’s invasion of Ukraine. 
In terms of individual share price movement, Imperial Brands climbed 7.6% after strong results and optimistic guidance. 
Source: CNBC, Investing.com