Global stock indexes rallied on Tuesday as
US tech shares bounced back from the previous day's selloff and investors weighed the possibility of a US interest rate cut, while yields on US Treasuries rose.
US technology stocks bounced back from Tuesday's sharp selloff, driven by worries about a clamp-down on the world's internet and social media giants. The
Nasdaq also confirmed a correction at the day's close, falling more than 10 per cent from its May 3 record high.
The Dow Jones Industrial Average rose 424.07 points, or 1.71 per cent, to 25,243.85, the S&P 500 gained 46.15 points, or 1.68 per cent, to 2,790.6 and the Nasdaq Composite added 151.06 points, or 2.06 per cent, to 7,484.08.
The pan-European
STOXX 600 index rose 0.59 per cent and
MSCI's gauge of stocks across the globe gained 1.13 per cent. In US Treasuries, benchmark 10-year Treasury yields rose 5.70 basis points to 2.138 per cent after hitting 2.061 per cent on Monday, their lowest since September 2017.
Jitters over the global economy have pushed investors into top-rated government bonds and other safety plays in recent weeks.
The dollar was near steady after Powell's comments.
The dollar index rose 0.07 per cent, with the euro up 0.08 per cent to $1.1249.
The Japanese yen weakened 0.11 per cent versus the greenback at 108.20 per dollar.
The rally in stocks helped oil prices, and gold prices eased off of a three-month peak.
US crude rose 0.28 per cent to $53.40 per barrel. Brent crude rose 0.7 percent to $61.71. Spot gold dropped 0.1 per cent to $1,323.31 an ounce.