The Dow added almost 200 points on Tuesday, while the S&P 500 and Nasdaq 100 rallied 0.7% and 0.9%, respectively, as investors reassessed the outlook for economic growth and monetary policy. Risk appetite continued to be lifted by hopes that China's reopening would boost growth prospects for the country and other economies despite some concerns that it could also trigger another wave of COVID-19 infections. On the policy front, Federal Reserve Governor Michelle Bowman was among the latest officials to warn that rates will have to rise further to bring down inflation to its 2% target. Meanwhile, in a speech delivered to Sweden's Riksbank, Chair Jerome Powell emphasized the need for the central bank to be free of political influence while noting that climate change should not be a priority for monetary policymakers. On the corporate side, Microsoft came into the spotlight after announcing that it plans to invest $10 billion in OpenAI, the company behind the popular ChatGPT.