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Stocks rebound broadly on Tuesday, Dow rallies 300 points

 

The major averages rebounded on Tuesday following a technology-centered market rout in the previous session.

 

The Dow Jones Industrial Average gained 311.75 points, or 0.92%, to 34,314.67.

The S&P 500 rose 1.05% to 4,345.72 and the Nasdaq Composite rallied 1.25% to 14,433.83.

All three of the major averages are still down for the week after closing off their highs.

 

Energy stocks rose again as oil prices continued their climb. U.S. oil prices topped $79 per barrel on Tuesday before settling at $78.93. Chevron advanced 1% and Enphase Energy rose 1.6%.

 

While the market has been divided as of late between stocks leveraged to the economic comeback and Big Tech, both cohorts enjoyed gains on Tuesday. All but four Dow members were in the green.

 

Helping sentiment around the recovery, the Institute for Supply Management services PMI report for September rose to 61.9 from 61.7 in August, 2 points better than expected.

Reference: CNBC