US stocks roared back Tuesday in the first day of trading since last week's selloff.
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.
Last week was the market's worst week since March 2020
The holiday-shortened week swung to the upside in Tuesday trading as oil prices and other commodities appeared to swing back in price
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.
Oil prices gained a bit Tuesday, but the benchmark Brent crude now sits about $10 below its recent highs.
Gas prices have dipped below $5 a gallon, a small relief. The price of iron ore and copper also have fallen.
President Joe Biden, meanwhile, will fly to Saudi Arabia this week to discuss boosting energy production.
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%.
Tuesday's comeback was broad, with nearly all members of with the S&P 500 seeing upward growth.