Dow jumps 600 points as stocks bounce

US stocks roared back Tuesday in the first day of trading since last week's selloff.

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The Dow (INDU) closed up 641 points, or 2.1%, and was up over 700 points in afternoon trading. The S&P 500 (SPX) was up 2.5% and the Nasdaq (COMP) was also 2.5% higher.

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Last week was the market's worst week since March 2020

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The holiday-shortened week swung to the upside in Tuesday trading as oil prices and other commodities appeared to swing back in price

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increasing investor sentiment and the hope that the Federal Reserve's actions to rein in inflation without causing a near-term recession may be working.

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Oil prices gained a bit Tuesday, but the benchmark Brent crude now sits about $10 below its recent highs.

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Gas prices have dipped below $5 a gallon, a small relief. The price of iron ore and copper also have fallen.

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President Joe Biden, meanwhile, will fly to Saudi Arabia this week to discuss boosting energy production.

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Bitcoin rose back above $21,000 after a major drop in cryptocurrency sent prices below $18,000 over the weekend. Treasury yields also climbed, the 10-year yield increased to 3.3%.

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Tuesday's comeback was broad, with nearly all members of with the S&P 500 seeing upward growth.

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