U.S. stocks rebounded from a violent selloff to post the biggest rally in 15 months as investors poured back into some of the most beaten-down sectors.
Technology, materials and consumer shares paced a 1.7 per cent gain in the S&P 500 Index, while DowDuPont and Home Depot led a 567 point surge in the Dow Jones Industrial Average, the biggest gain in two years. The ride wasn’t straight up, though. The Dow plunged more than 500 points at the open, adding to anxiety after Monday’s rout — the worst in almost seven years. Stocks swung between gains and losses no fewer than a dozen times before a late-session rally.
The benchmark for U.S. share volatility went through wild gyrations after hitting a two-year high. Treasury yields swung before nudging higher. The greenback was little changed after two days of gains.