FRC - Dow Well on Way to Snapping 5-Session Slump
U.S. stocks rallied Tuesday, boosted by a rebound in regional banks after they sold off in the previous session.
The Dow Jones Industrials regained 394.43 points, or 1.2%, to 32,212.39, as it tries to end a slump of five straight days.
The S&P 500 recovered 70.57 points, or 1.8%, to 3,926.35.
The NASDAQ Composite leaped 241.13 points, or 2.2%, to 11,420.97.
Bank stocks rebounded after getting pummeled during Monday's trading session. The SPDR S&P Regional Banking ETF (KRE) rose more than 9%. Shares of First Republic Bank popped more than 55% after closing down nearly 62% on Monday. KeyCorp shares 16% in a relief bounce following a 27% decline.
The consumer price index rose 0.4% in February from January, matching the consensus estimate of economists polled by Dow Jones. The annualized increase of 6% was also in line with economists' expectations. So-called “core” CPI, which removed volatile food and energy prices, grew from the prior month slightly more than economists expected at 0.5%, while the year-over-year increase of 5.5% came in line with what they anticipated.
Prices for the 10-year Treasury dropped, raising yields to 3.66% from Monday's 3.55%. Treasury prices and yields move in opposite directions.
Oil prices erased 77 cents to $74.03 U.S. a barrel.
Gold prices flopped $6.70 to $1,909.80 U.S. an ounce.