Stocks returned from the holiday weekend determined to bounce back from last week's historic bloodbath. The Dow added 641 points to notch its best win since May 4, while the S&P 500 and Nasdaq also settled firmly higher, with energy and mega-cap tech stocks leading the way. The Cboe Volatility Index (VIX) logged its third-straight loss but closed above the psychologically significant 30-level. Meanwhile, as gas prices rise, U.S. President Joe Biden is reportedly mulling over a holiday on the federal gas tax.
The Dow Jones Average (DJI -30,530.25) added 641.5 points, or 2.2%, for the day. UnitedHealth Group (UNH) led the gainers, adding 6.3%. Walt Disney (DIS), meanwhile, paced the laggards with a 1.1% drop.
The S&P 500 Index (SPX - 3,764.79) rose 90 points, or 2.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,069.30) gained 271 points, or 2.5% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 30.19) fell 0.8 points or 2.7% for the day.
OIL PRICES SETTLE HIGHER AMID TIGHT SUPPLY
Oil prices settled higher on Tuesday, as black gold worked to partially erase last week's steep losses. Boosting the commodity was a tighter market and the potential for tougher sanctions on Russian crude. In response, July-dated crude expired higher at $1.09, or 1%, to settle at $110.65 per barrel. The new front-month contract for August-dated crude added $1.53, or 1.4%, to settle at $109.52 a barrel.
Gold futures finished lower, however, despite a weaker U.S. dollar. Profit taking, as well as portfolio adjustments, likely weighed on the precious metal. As a result, August-dated gold fell $1.80, or 0.1%, to close at $1,838.80 an ounce.
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