Stocks jumped on Wednesday as Wall Street tried to recover some of the steep losses from the previous session.
The Dow Jones Industrial Average climbed 235 points, or 1 percent, led by gains in Visa and Microsoft. The S&P 500 gained 1.2 percent as the consumer discretionary sector outperformed. The Nasdaq Composite jumped 1.6 percent.
Wednesday’s moves come after the worst Christmas Eve sell-off ever on Monday, which sent the S&P 500 into a bear market. The S&P 500 was down 20.06 percent from an intraday record high set on Sept. 21. The broad index is also down 19.78 percent from its record close reached the day before. U.S. exchanges were closed Tuesday for the Christmas holiday.
The plunge in stocks on Monday came after Treasury Secretary Steven Mnuchin held calls with CEOs of major U.S. banks last weekend and issued a statement saying, “The banks all confirmed ample liquidity is available for lending to consumer and business markets.”
Read more in CNBC.