The U.S. stock market rebounded on Tuesday after a disastrous start of the week that followed a slide caused by a weakening U.S. economy and fears of recession.
The S&P 500 benchmark index, which had its worst start of the month in more than two decades, jumped by 1.04% or 53.70 points to close at 5,240.03. The surge came after a 6% slide in the past five days, highlighted by a 3.6% dip on Monday that marked the worst single-day decline for the index since 2021.
Nasdaq Composite followed closely, closing at 16,366.85 after a 1.03% or 166.77 points gain. The tech-heavy index previously suffered a 6.3% slump on Monday.
Finally, the blue-collar Dow Jones Industrial Average jumped by 0.76% or 294.39 points to close the day at 38,997.66.
Despite giving back some of its gains for the year, all three indexes remain in the green. The S&P 500 is 10.48% up year-to-date, Nasdaq gained 10.84% in 2024, while Dow Jones is up 3.40%.
It was also a good day for the crypto market, which followed the stocks in rebounding. Bitcoin rose by 4.43% and was trading at around 56,400 late on Monday, while other major cryptocurrencies like Ether and Solana followed.