Stocks jumped Tuesday, recovering some losses from the previous three trading days as investors took a pause from recession fears and Japanese equities rallied.
The Dow Jones Industrial index recovered 294.39 points to 38,997.66.
The S&P 500 index gained 53.7 points, or 1%, to 5,240.03.
The NASDAQ surged 166.77 points, or 1%, to close at 16,366.85. All three indexes snapped a three-day stretch of losses.
All 11 sectors of the broad market index were positive for the day. Several mega-cap tech stocks also rebounded after a sharp pullback on Monday. Nvidia rose 3.8%, while Meta Platforms advanced 3.9%.
Helping sentiment was a rebound in Japanese stocks. The Nikkei 225 posted its best day since October 2008, soaring 10.2%. That surge comes a day after the benchmark suffered its worst day since 1987, losing 12.4%.
The moves follow a sharp selloff during Monday trading amid concerns over the state of the economy. The 30-stock Dow dropped 1,033.99 points, or 2.6%, while the S&P 500 slid 3%. Both indexes notched their worst sessions since September 2022. The NASDAQ Composite shed 3.4%, tumbling deeper into a correction.
Prices for the 10-year Treasury sank, with yields growing to 3.89% from Monday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices eked ahead 10 cents at $73.04 U.S. a barrel.
Gold prices faded $15.30 to $2,429.10.
