US stocks end losing spree, Dow gains 600 points
• Dow Jones jumped by 618.34 points, recording its largest daily gain since May 4
US stocks ended their longest stretch of losses on Monday after the Dow and S&P 500 bounced back.
The Dow Jones Industrial Average jumped by 618.34 points, or 2%, at 31,880.24, recording its largest daily gain since May 4.
The S&P 500 ended 72.39 points higher, or 1.9%, at 3,973.75. The Nasdaq Composite rose 180.66 points, or 1.6%, at 11,535.27.
On Monday, President Joe Biden, said he’s contemplating about reducing tariffs on Chinese goods that had been imposed during the Trump administration. Biden also said the U.S. would defend Taiwan from aggression by China, though White House officials later said there had been no change to U.S. policy.
Market movers
Treasury yields rose on Tuesday, with the 10-year rate dropped 8.5 basis points to 2.884%.
US banks rose sharply on Monday with JPMorgan (NYSE: JPM) moving up 6.2% after the bank said it expects to reach key return targets sooner than planned, due to rising rates giving its lending business a boost.
Citi was up by 6% while Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) each added more than 5%.
Shares of VMWare (NYSE: VMW) jumped more than 24.9% after after chip maker Broadcom Inc. (NASDAQ: AVGO) was in talks to buy the enterprise cloud-computing company. Broadcom shares closed down by 3.1%.
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