Dow Jumps from 2-Yr. Low

Stocks rose Tuesday, as the Dow Jones Industrial Average and S&P 500 bounced back from their lowest closing levels in nearly two years.

The 30-stock index recovered 165.5 points to 29,426.31.

The S&P 500 picked up 29.23 points to 3,684.27

The NASDAQ Composite restocked 134.96 points, or 1.3%, to 10,937.88.

The move comes after five straight days of losses for stocks, with the S&P 500 closing at its lowest level since 2020.

The Dow dropped more than 300 points on Monday, putting it in a bear market after falling more than 20% below its record high. The 30-stock average also posted its lowest closing level since late 2020.

The British pound rebounded slightly after plunging to a record low against the dollar earlier in the week. Sterling traded more than 1% higher at $1.087 per dollar after hitting an all-time low of $1.0382.

Shares of electric vehicle company Lucid popped more than 5% in early trading after Cantor Fitzgerald initiated coverage of the stock with an overweight rating. Cantor analyst Andres Sheppard wrote that Lucid’s cars exhibit longer range and faster charging than its competitors, giving it a key advantage.

Treasury prices lost ground, pushing up yields to 3.96% from Monday’s 3.90%. Treasury prices and yields move in opposite direction.

Oil prices regained $2.15 to $78.86 U.S. a barrel.

Gold prices jumped $9.50 to $1,642.90 U.S. an ounce.