Stocks rose on Tuesday, recovering from the previous session’s steep selloff, as Amazon led shares of Big Tech higher.
The Dow Jones Industrial Average restocked 140.34 points to 27,288.04.
The S&P 500 regained 34.5 points, or 1.1% to 3,315.57.
The NASDAQ rocketed 184.84 points by the closing bell to 10963.64.
Tuesday marked the first time in five days that the S&P 500 and NASDAQ posted a daily gain. The Dow also snapped a three-day losing streak.
Amazon shares rose 5.7% — their biggest one-day rally since July 20 — after a Bernstein analyst upgraded the e-commerce giant to buy from hold, noting the recent pullback offers an attractive “entry point” for investors. Facebook and Microsoft were both up more than 2% along with Alphabet shares. Netflix gained 0.8%.
Shares of Tesla dropped 5.6% after CEO Elon Musk said in a tweet that the electric carmaker’s "Battery Day" event would not reach "serious high-volume production" until 2022, which disappointed investors and analysts.
Traders also digested remarks by Federal Reserve Chairman Jerome Powell, who reiterated the central bank will support the economy "for as long as it takes." Powell added that, while the path forward "continues to be highly uncertain," economic activity has "picked up."
September has been a tough month on Wall Street. The S&P 500 is down more than 5% month to date and the NASDAQ has plunged 7.4% in that time. The Dow has lost 4.2% in September.
U.K. Prime Minister Boris Johnson announced further restrictions to curb the spread of the virus. He noted the country was at a "perilous turning point" and ordered bars and restaurants to close between 10 p.m. and 5 a.m. The restrictions also expand on the list of places requiring people wear a mask.
Prices for the 10-Year Treasury were static, keeping yields at Monday’s 0.67%.
Oil prices added 24 cents to $39.55 U.S. a barrel.
Gold prices dropped $3.40 to $1,907.20 U.S. an ounce.
