US stocks gained sharply on Tuesday after a harsh sell-off the previous day, as investor concerns about the impact of rising COVID-19 cases on the global economy eased.
The Dow Jones Industrial Average rose 549.95 points, or 1.6%, to 34,511.99, following its 725 point-decline Monday. The S&P 500 climbed 1.52% to 4,323.06 and the Nasdaq Composite added 1.57% to 14,498.88.
Many of the stocks that were hit the hardest on Monday, on concerns about Covid-19′s delta variant, regained their losses Tuesday. Airlines and cruise companies led the rebound. Bank shares bounced back too as bond yields climbed higher.
In economic data, U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.64 million in June, representing a 6.3% increase from the previous month's downwardly-revised figure, the U.S. Census Bureau said. The pace of permitting for new housing units dipped again in June, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of nearly 1.6 million, down 5% from May but 23% up from a year ago.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU