Stocks surged to start the day Tuesday as Wall Street aimed to build on a sharp rally seen in the previous session.
The Dow Jones Industrial Average rose 621 points, or 2%. The S&P 500 increased 2.4%, and the Nasdaq Composite was up 2.7%.
Monday brought a respite from slides seen throughout September and the prior quarter. The Dow jumped about 765 points to end its best day since June 24. The S&P 500 advanced about 2.6% in its best day since July 27, and the Nasdaq added 2.3%.
Meanwhile, the yield on the 10-year U.S. Treasury note extended its decline and was trading at about 3.615%, down from more than 4% at one point last week. Earlier in the day it briefly broke below 3.6%.
Sentiment also got a boost as shares of Credit Suisse traded 4% higher. Earlier in the week there were concerns regarding the bank’s financial health. The bank told CNBC it would provide updates to its strategy alongside its third-quarter numbers.
“After falling more than 9% in September and extending its year-to-date decline to nearly 25% as of Friday’s close, we think the S&P 500 was looking oversold,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “In addition, some of last week’s selling pressure may have been driven by quarter-end rebalancing, which has now ended.”
“With sentiment toward equities already very weak, periodic rebounds are to be expected,” he added. “But markets are likely to stay volatile in the near term, driven primarily by expectations around inflation and policy rates.”
Investors will watch for new data Tuesday from the Job Openings and Labor Turnover Survey administered by the Bureau of Labor Statistics.
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