Dow stages 550-point comeback after harsh sell-off as investors remain optimistic on growth
- US stocks staged a comeback Tuesday after a harsh sell-off the previous day as investors bet on the continued strength of the economic recovery.
- Re-opening stocks in travel, restaurants, and lodging all rallied Tuesday.
- Bitcoin struggled to break back above $30,000.
US stocks staged a comeback Tuesday after a harsh sell-off the previous day, with the
Industrials, real estate, and financial stocks gained the most out of any sectors in the S&P 500. Industries that hinge on the economic re-opening like restaurants, travel, and lodging all ended the day in the green.
On Monday the S&P 500 faced its steepest decline since May while the Dow Jones saw its largest daily drop for the year.
Here's where US indexes stood at the 4:00 p.m. ET close on Tuesday:
- S&P 500: 4,323.20, up 1.52%
- Dow Jones industrial average: 34,512.39, up 1.62% (550.35 points)
- Nasdaq composite: 14,498.88, up 1.57%
JPMorgan's head of US equity strategy increased his year-end S&P 500 price target to 4,600 from 4,400, representing potential upside of 8% from Monday's close. Dubravko Lakos-Bujas remained constructive on equities, and views the latest fears of slowing economic growth "premature and overblown," according to a Tuesday note.
Billionaire investor Bill Ackman is also bullish about the economy. He told CNBC in a recent interview that he expects a "massive" economic boom in the fall.
Robinhood, the brokerage app set to go public in the coming weeks, said it expects to pay a $30 million penalty in relation to an anti-money laundering probe of its cryptocurrency business, according to an amended S-1 filed with the SEC on Monday.
The yield on the US 10-yr Treasury jumped 3.8 basis points to 1.219%, after hitting its lowest level since February on Monday.
Bitcoin slipped to $29,828 Tuesday, over 50% lower than record highs achieved in April.
Gold was flat at $1,809.
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