Dow surges more than 750 points | A buying opportunity emerges, BofA survey shows | Netflix quarterly results

The Dow Jones Industrial Average surged more than 750 points as Wall Street bet markets are due for a relief rally.

VIEW IN BROWSER | SUBSCRIBE TUE, JUL 19, 2022 EVENING BRIEF AS OF TUE, JUL 19, 2022 • 05:12 ET DJIA 31827.05 +2.43% +754.44 S&P 500 3936.69 +2.76% +105.84 NASDAQ 11713.15 +3.11% +353.10 Most Active DOW NAME LAST CHG %CHG AAPL 151.00 +3.93 +2.67% INTC 40.22 +1.51 +3.90% IBM 130.88 -7.25 -5.25% S&P 500 NAME LAST CHG %CHG AMD 85.88 +4.45 +5.46% AAPL 151.00 +3.93 +2.67% NVDA 169.92 +8.91 +5.53% NASDAQ NAME LAST CHG %CHG AMD 85.88 +4.45 +5.46% AAPL 151.00 +3.93 +2.67% NVDA 169.92 +8.91 +5.53% EDITOR'S NOTE The Dow Jones Industrial Average surged more than 750 points on Tuesday, as Wall Street bets that markets are due for a relief rally.   A Bank of America survey of professional investors found that the allocation to stocks in portfolios is at its lowest since October 2008, one month after the collapse of Lehman Brothers. Meanwhile, cash holdings are at their highest since 2001. The participants' bearishness suggests that the sellers are washed out, and stocks may rise from here.   Traders were also positive on the succession of corporate earnings reports that showed businesses are working through economic pressures better than feared.    "Both investors and the companies were expecting hot inflation, so companies talking about hot inflation having happened in that second quarter was not a surprise at all," said Kim Forrest, founder and chief investment officer at Bokeh Capital Partners. "What was a surprise was that they were able to manage through it well."   A stronger dollar also increasingly weighed on second-quarter results for some companies.   Shares of IBM fell nearly 5.3% after the tech giant lowered its cash flow forecast, even as it reported earnings that beat Wall Street's estimates. Finance chief Jim Kavanaugh blamed the U.S. dollar and a suspension of business in Russia.   Johnson & Johnson also cited a stronger dollar after cutting its full-year revenue and profit guidance despite robust results. Shares declined about 1.5%.    "Trading is likely to remain very choppy, with more bear market rallies, in the months ahead," Wolfe Research's Chris Senyek wrote in a Tuesday note.   Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow rallies more than 750 points as traders bet that the bottom is in Twitter-Musk trial on $44 billion deal set to begin in October after Musk loses effort to delay UK shatters record for its hottest day ever; London fire service declares 'major incident' A market in full panic mode is setting up a buying opportunity, Bank of America survey shows Sen. Lindsey Graham agrees to accept subpoena in Trump election meddling case Netflix loses fewer subscribers than expected and says cheaper ad tier is coming in early 2023 'What recession?' Evercore ISI says after bank earnings show consumers are paying their debts CDC panel unanimously recommends Novavax Covid-19 vaccine for adults Google will once again test augmented reality glasses in public Amazon sues thousands of Facebook group administrators over fake reviews TOP VIDEO If Fed causes a recession it will be shallow and short, says Citizens Financial CEO CNBC PRO These 10 stocks are expected to rally into the end of the year, Truist says SPECIAL REPORTS Investors have put $43 billion in dividend-paying funds this year. Before you 'chase dividends,' here's what to know Sticking to a plan can help reach retirement goals Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS