Stock markets steady after the S&P 500's worst day in almost two years
CBSN
Stocks in the the U.S. opened modestly higher on Tuesday as financial markets regained their footing after a sharp selloff on Monday.
The Dow Jones Industrial Average, which fell more than 1,000 points yesterday, rose 282 points, or 0.7%, to 38,986 in early trade, while the S&P 500 gained 0.8% after suffering its worst one-day plunge in more than two years. The tech-heavy Nasdaq Composite climbed 0.4%.
The steadier trading followed three days of market turmoil sparked by signs the U.S. economy is slowing and concerns that the Federal Reserve has waited too long to cut interest rates. Based on that economic data, Wall Street now expects the Fed to cut rates more deeply in September than they had previously, and to usher in more cuts throughout 2024.
