Stocks recharged the advance Tuesday afternoon, with bank and technology stocks leading the effort, as investors continued to pile back in after sending the market to 12-year lows last week.
The Dow Jones industrial average (INDU) added 80 points, or over 1%, with under two hours left in the session. The S&P 500 (SPX) index rose 11 points, or 1.5%. The Nasdaq composite (COMP) gained 26 points, or 1.9%.
A better-than-expected housing market report released Tuesday gave investors a data point to key off. But the advance over the past week has been driven largely by a rubber band effect after all the selling, said John Merrill, chief investment officer at Tanglewood Wealth Management.
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