Dow climbs 400 points as investors weigh bank earnings and spiking virus cases

• US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases.
• JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend.
• Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
• Read more on Business Insider.

US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases.

Shares of JPMorgan rose after the firm beat estimates for revenue and profit, powered by a surge in investment banking. Citigroup fell despite beating earnings forecasts. Wells Fargo slumped after reporting a $2.4 billion loss in the quarter and announced it will slash its dividend to 10 cents.

Delta traded lower after it reported a $5.7 billion net loss in the second quarter, its largest since the Great Recession.

Here's where US indexes stood at 2:35 p.m. ET on Tuesday:

• S&P 500: 3,180.75, up 0.8%
• Dow Jones industrial average: 26,492.37, up 1.6% (406 points)
• Nasdaq composite: 10,425.60, up 0.34%

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Technology stocks, which have led the broader market higher in recent months, slipped Tuesday. Shares of Netflix fell as much as 6%, while Amazon slumped nearly 5% at intraday lows.

The declines come after a wild trading session on Monday, when a mid-day rally was reversed after California rolled back part of its reopening plan. More than one third of US states reported record high new daily COVID-19 cases on Monday, while the US seven-day average of new cases surpassed 60,000 for the first time.

Data from the UK show that its economic rebound isn't going as well as hoped, challenging the prospect of a V-shaped recovery. US consumer prices rose faster than expected in June, but inflation still sits near multiyear lows.

Oil rose ahead of a key meeting between OPEC and its allies scheduled for Wednesday. West Texas Intermediate crude gained as much as 0.8%, to $39.88 per barrel. Brent crude, the international benchmark, rose 0.7%%, to $42.53, at intraday highs.

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