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US stocks show signs of recovery on Tuesday’s session
(MENAFN) On Tuesday, U.S. stocks showed signs of recovery as they sought to rebound from recent losses driven by recession fears that had caused a severe downturn in global markets. At 12:23 p.m. EDT, the Dow Jones Industrial Average surged 491 points, or 1.27 percent, reaching 39,194. This rebound comes after the index experienced significant declines of 2.6 percent on Monday and 1.51 percent on Friday.
The S&P 500 also made notable gains, climbing 91 points, or 1.76 percent, to 5,278 at the same time. This rise follows a substantial drop of 3 percent in the previous session and 1.84 percent at the end of the previous week. Similarly, the Nasdaq Composite added 286 points, or 1.77 percent, reaching 16,484. The tech-heavy index had suffered steep declines of 3.43 percent on Monday and 2.43 percent on Friday.
Investor concerns have been heightened by recent U.S. job figures released on Friday, which indicated a cooling labor market. This data has led to worries that the Federal Reserve may have been too slow in adjusting interest rates, potentially pushing the U.S. economy into a recession. As a result, the VIX volatility index, often referred to as the "fear index," dropped sharply by 35 percent to 25.03, recovering from a dramatic 59 percent surge to 37.20 on Monday.
In the bond market, the 10-year U.S. Treasury yield increased by 2.5 percent to 3.874 percent, rebounding from its recent low, which had been the lowest since July 2023. The dollar index rose by 0.31 percent to 103.01, while the euro depreciated by 0.18 percent to USD1.0938 against the dollar. In commodities, precious metals were in negative territory, with gold falling 1 percent to USD2,386 per ounce and silver dropping 0.6 percent to USD27.08. Conversely, oil prices saw a slight increase of around 0.7 percent, with Brent crude, the global benchmark, priced at USD76.80 per barrel and West Texas Intermediate, the U.S. benchmark, at USD73.50.
The S&P 500 also made notable gains, climbing 91 points, or 1.76 percent, to 5,278 at the same time. This rise follows a substantial drop of 3 percent in the previous session and 1.84 percent at the end of the previous week. Similarly, the Nasdaq Composite added 286 points, or 1.77 percent, reaching 16,484. The tech-heavy index had suffered steep declines of 3.43 percent on Monday and 2.43 percent on Friday.
Investor concerns have been heightened by recent U.S. job figures released on Friday, which indicated a cooling labor market. This data has led to worries that the Federal Reserve may have been too slow in adjusting interest rates, potentially pushing the U.S. economy into a recession. As a result, the VIX volatility index, often referred to as the "fear index," dropped sharply by 35 percent to 25.03, recovering from a dramatic 59 percent surge to 37.20 on Monday.
In the bond market, the 10-year U.S. Treasury yield increased by 2.5 percent to 3.874 percent, rebounding from its recent low, which had been the lowest since July 2023. The dollar index rose by 0.31 percent to 103.01, while the euro depreciated by 0.18 percent to USD1.0938 against the dollar. In commodities, precious metals were in negative territory, with gold falling 1 percent to USD2,386 per ounce and silver dropping 0.6 percent to USD27.08. Conversely, oil prices saw a slight increase of around 0.7 percent, with Brent crude, the global benchmark, priced at USD76.80 per barrel and West Texas Intermediate, the U.S. benchmark, at USD73.50.
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