US shares end Tuesday’s session higher to recover some of Monday’s losses

(MENAFN) On Tuesday, U.S. stock markets closed higher as they recovered some of the losses incurred in previous days amidst widespread recession fears that had driven global markets into a steep decline. The Dow Jones Industrial Average rebounded by 294 points, or 0.76 percent, finishing the day at 38,997. This recovery followed a sharp drop of 2.6 percent on Monday and a 1.51 percent decline the previous Friday.

The S&P 500 also saw a notable increase, climbing 53 points, or 1.04 percent, to end the session at 5,240. This rise came after the index had fallen by 3 percent in the prior session and 1.84 percent at the end of the previous week. Similarly, the Nasdaq gained 166 points, or 1.03 percent, closing at 16,366. This recovery was significant given the tech-heavy index's recent declines of 3.43 percent on Monday and 2.43 percent on Friday.

In contrast to the rising stock indices, the VIX volatility index, often referred to as the "fear index," dropped sharply by 28.2 percent to 27.71. This decrease followed a dramatic 59 percent surge to 37.20 on Monday, indicating a reduction in market anxiety. The 10-year U.S. Treasury yield increased by 0.8 percent to 3.887 percent, recovering from its recent low, which marked the lowest level since July 2023.

The dollar index rose by 0.23 percent to 102.93, reflecting a strengthening of the U.S. currency, while the euro remained steady at USD1.0930 against the dollar. In the commodities sector, precious metals experienced declines, with gold falling 0.05 percent to USD2,388 per ounce and silver dropping 0.22 percent to USD26.91. Oil prices also retreated, with Brent crude, the global benchmark, down by around 0.3 percent to USD76.13 per barrel, and West Texas Intermediate, the U.S. benchmark, falling to USD72.82 per barrel.

MENAFN07082024000045015839ID1108526163