Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
The Dow Jones Industrials tried to make up for falling so heavily last week by ballooning 520.99 points, or 1.7%, to begin a shortened week at 30,409.77.
The S&P 500 rallied 88.44 points, or 2.4%, to 3,764.28.
The NASDAQ Composite screamed higher 321.18 points, or 3%, to 11,119.53.
The blue-chip Dow slid 4.8% last week, dipping below 30,000 for the first time since January 2021 last week. The tech-heavy NASDAQ slipped 4.8% last week.
Markets were shuttered Monday for the “Juneteenth” holiday.
Major tech stocks moved higher. Shares of Apple, Amazon, Google-parent Alphabet and Meta all climbed more than 1%.
Shares of Kellogg jumped more than 5% after the company said it would split into three separate companies.
Airline stocks soared amid hopes of a summer travel boom. Shares of Spirit Airlines jumped more than 8% after JetBlue raised its takeover offer to $33.50 a share, even as Spirit deliberates a proposed merger with Frontier Group. JetBlue's stock price jumped 1.4%.
Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Recent data showing low consumer confidence, falling retail spending and a cooling housing market have fueled recession fears as the Fed battles inflation at 41-year highs.
Treasury prices slumped, raising yields to 3.30% from Friday's 3.23%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.07 to $111.63 U.S. a barrel.
Gold prices regained 90 cents to $1,841.50 U.S. an ounce.