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Stocks rose on Tuesday as investors added exposure to some of the more cyclical names in the market while Big Tech underperformed.
The Dow Jones Industrials popped 556.79 points, or 2.1%, to 26,642.59. It was the 30-stock average’s best day since June 29.
Caterpillar was the best-performing Dow stock, rising more than 4%. Exxon Mobil and Chevron were up more than 3% each as well. Boeing closed 2.5% higher.
The S&P 500 gained 42.3 points, or 1.3%, to 3,197.52. At the S&P 500 sector level, energy jumped 3.6% while materials and industrials each gained more than 2%.
The tech-heavy NASDAQ muscled up 97.73 points to 10,488.58. Big Tech — which has been a stalwart on Wall Street all year as investors bet these stocks will stay resilient during the coronavirus pandemic — lagged.
Amazon lopped off 0.6%, and Netflix was down 0.1%. Alphabet rose 0.6% after being down for most of the day.
Sentiment also got a boost after Florida reported a daily coronavirus case increase that was below a seven-day average. California’s daily COVID case rate decreased slightly from Monday’s as well.
JPMorgan Chase reported better-than-expected results for the second quarter on the back of a massive surge in trading revenue. Citigroup’s second-quarter earnings were also driven in part by a sharp uptick in trading revenue. JPMorgan shares closed 0.6% higher while Citigroup lost 3.9%.
Wells Fargo struggled, falling 4.6% after reporting a $2.4-billion loss and slashing its dividend to 10 cents per share from 51 cents per share.
Prices for the 10-Year Treasury lost ground, raising yields back to Monday’s 0.63%. Treasury prices and yields move in opposite directions.
Oil prices resurfaced 16 cents to $40.26 U.S. a barrel.
Gold prices shed $1.10 to $1,813.00 U.S. an ounce.
