Market rebound attempt fails as Dow closes in the red on Tuesday
U.S. stocks on Tuesday fought to rebound from Monday’s rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.
The Dow Jones Industrial average lost 50.63 points, or 0.15%, to 33,919.84.
The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday.
However, the Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip.
Stocks roared back earlier in Tuesday’s session with the Dow up more than 300 points at one point before giving up all those gains as trading continued.
Also weighing on markets this month is the delta variant, which remains a global health threat as the colder months approach and vaccination hesitancy persists among some Americans. Johnson & Johnson said on Tuesday that its Covid vaccine booster shot is 94% effective. J&J shares added 0.4% on Tuesday.
European stocks bounce back despite nerves over China; Entain up 18%
European stocks closed higher on Tuesday, bouncing back from heightened investor nerves over a Chinese property developer and ahead of a two-day meeting of the U.S. Federal Reserve.
The pan-European Stoxx 600 index closed up 1%, led by travel and leisure stocks which climbed 3.2%, as most sectors and major bourses entered positive territory. Oil and gas stocks rose 1.4% amid consumer and business worries over a shortage of natural gas in the region.
FTSE 100 recovers 1% on energy, healthcare stock boost; Entain jumps
London's FTSE 100 rebounded on Tuesday, aided by gains in energy and healthcare stocks, and Entain jumped to the top of the index after the Ladbrokes owner said it received an offer from DraftKings.
The blue-chip FTSE 100 (.FTSE) ended 1.0% higher and recorded its best session in two months. Oil major BP (BP.L) and Royal Dutch Shell (RDSa.L) were among the top boosts.
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