US stocks gained sharply on Tuesday after a harsh sell-off the previous day, as investor concerns about the impact of rising COVID-19 cases on the global economy eased.
The Dow Jones Industrial Average rose 549.95 points, or 1.6%, to 34,511.99, following its 725 point-decline Monday. The S&P 500 climbed 1.52% to 4,323.06 and the Nasdaq Composite added 1.57% to 14,498.88.
Many of the stocks that were hit the hardest on Monday, on concerns about Covid-19′s delta variant, regained their losses Tuesday. Airlines and cruise companies led the rebound. Bank shares bounced back too as bond yields climbed higher.
In economic data, U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.64 million in June, representing a 6.3% increase from the previous month's downwardly-revised figure, the U.S. Census Bureau said. The pace of permitting for new housing units dipped again in June, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of nearly 1.6 million, down 5% from May but 23% up from a year ago.
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