Stock Markets Close Higher After Shaky Start

Dow finished up 566 points
By Newser Editors and Wire Services
Posted Jul 14, 2020 4:03 PM CDT
Stock Markets Close Higher After Shaky Start
A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, July 14, 2020. Asian shares fell Tuesday as skepticism set in about the recent upbeat mood on global markets.   (AP Photo/Kin Cheung)

Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading. The S&P 500 climbed 1.3%, led by energy producers and other companies whose profits would benefit greatly from a strengthening economy, the AP reports. It was a sharp turnaround from the morning, when the index was down 0.9%, and from Monday’s last-hour slide after California shut bars and reinstated other restrictions amid a jump in coronavirus counts. The Dow Jones Industrial Average also erased an early loss to end the day at 26,642.59, up 556.79 points, or 2.1%.

Big tech-oriented stocks lagged behind, though, in a turnaround from their remarkably resilient run through the pandemic. That held the Nasdaq composite to a more modest gain of 97.73, or 0.9%, to 10,488.58. The S&P 500 added 42.30 points to 3,197.52, and six out of seven stocks in the index were higher. The move left it 0.4% higher for the week after two yo-yo days. The market’s latest unsettled moves came as earnings reporting season kicked off. Three of the nation’s biggest banks painted a mixed picture of how badly the coronavirus pandemic is ripping through their businesses. JPMorgan Chase, which said it made a record amount of revenue from April through June, rose 0.6%, but Wells Fargo, which said it expects to cut its dividend, dropped 4.6% and Citigroup fell 3.9%.

(More stock market stories.)

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