Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading. The S&P 500 climbed 1.3%, led by energy producers and other companies whose profits would benefit greatly from a strengthening economy, the AP reports. It was a sharp turnaround from the morning, when the index was down 0.9%, and from Monday’s last-hour slide after California shut bars and reinstated other restrictions amid a jump in coronavirus counts. The Dow Jones Industrial Average also erased an early loss to end the day at 26,642.59, up 556.79 points, or 2.1%.
Big tech-oriented stocks lagged behind, though, in a turnaround from their remarkably resilient run through the pandemic. That held the Nasdaq composite to a more modest gain of 97.73, or 0.9%, to 10,488.58. The S&P 500 added 42.30 points to 3,197.52, and six out of seven stocks in the index were higher. The move left it 0.4% higher for the week after two yo-yo days. The market’s latest unsettled moves came as earnings reporting season kicked off. Three of the nation’s biggest banks painted a mixed picture of how badly the coronavirus pandemic is ripping through their businesses. JPMorgan Chase, which said it made a record amount of revenue from April through June, rose 0.6%, but Wells Fargo, which said it expects to cut its dividend, dropped 4.6% and Citigroup fell 3.9%.
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