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Major averages rebounded Tuesday as investors stepped in to buy the dip from the Dow Jones Industrial Average’s worst day in eight months.
The 30-stock index made up 549.95 points, or 1.6%, from Monday’s heavy losses to close Tuesday at 34,511.99. It was the biggest jump for the Dow in more than a month.
The S&P 500 regained 64.57 points, or 1.5%, to 4,323.06
The NASDAQ heightened 233.89 points, or 1.6%, to 14,498.88.
Many of the stocks that were hit the hardest on Monday, on concerns about COVID-19's delta variant, regained their losses Tuesday. Airlines and cruise companies led the rebound. American Airlines and Delta Air Lines, which lost 4% in the selloff, added 8% and 5%, respectively, on Tuesday. Royal Caribbean gained more than 7%, after falling 4% on Monday.
Bank shares bounced back too as bond yields climbed higher. JPMorgan shares rose 1.8% and Bank of America gained 2%. Regional banks led the financials sector, with Zions Bancorp picking up 5% and Regions Financial gaining 4%.
New COVID cases are rebounding in the U.S. as the delta variant spreads, largely among the unvaccinated. The U.S. is averaging about 26,000 daily cases in the last seven days, more than double the average from a month ago, according to data from the Centers for Disease Control.
Prices for 10-Year Treasurys fell, raising yields to 1.22% from Monday’s 1.19%. Treasury prices and yields move in opposite directions.
Oil prices took on 90 cents to $67.32 U.S. a barrel.
Gold prices hiked $1.40 to $1,810.60 U.S. an ounce.
