(CNBC) -- Major averages rebounded Tuesday as investors stepped in to buy the dip from the Dow Jones Industrial Average’s worst day in eight months.
The comeback rally gained steam steadily through the session as a bounce in Treasury yields soothed some concerns that a Covid resurgence would slow down the economic recovery. As the 10-year yield climbed back above 1.20%, the run in stocks increased.
The Dow Jones Industrial Average rose 550 points to 34,512.39, or 1.6%, following its 725 point-decline Monday. It was the biggest jump for the Dow in more than a month. The S&P 500 climbed 1.52% and the Nasdaq Composite added 1.57%. The small-cap benchmark Russell 2000 index saw the biggest rebound with a 3.5% gain.
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