Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
The Dow Jones Industrials tried to make up for falling so heavily last week by ballooning 502.84 points, or 1.7%, to break for lunch at 30,391.62.
The S&P 500 rallied 84.29 points, or 2.3%, to 3,759.13.
The NASDAQ Composite popped 305.05 points, or 2.8%, to 11,103.40.
The blue-chip Dow slid 4.8% last week, dipping below 30,000 for the first time since January 2021 last week. The tech-heavy NASDAQ slipped 4.8% last week.
Markets were shuttered Monday for the “Juneteenth” holiday.
Major tech stocks moved higher. Shares of Google-parent Alphabet jumped more than 4%. Shares of Apple and Amazon both moved more than 3%. Shares of Tesla gained more than 10%.
Shares of Kellogg jumped more than 5% after the company said it would split into three separate companies.
Shares of Spirit Airlines jumped more than 8% after JetBlue raised its takeover offer to $33.50 a share, even as Spirit deliberates a proposed merger with Frontier Group. In comparison JetBlue’s stock price dipped less than 1%.
Investors continued to monitor data to gauge the health of the economy. On Tuesday, the latest report from the National Association of Realtors showed sales of existing homes in May fell 3.4%, which is the weakest report since June 2020.
Treasury prices slumped, raising yields to 3.30% from Friday’s 3.23%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.01 to $110.57 U.S. a barrel.
Gold prices fell again, $3.10, to $1,837.50 U.S. an ounce.