WASHINGTON (dpa-AFX) - After trending lower over the past few sessions, stocks showed a strong move back to the upside during trading on Tuesday. The major averages all moved notably higher, with the Nasdaq leading the charge.
The major averages finished the day off their highs of the session but still firmly positive. The Nasdaq jumped 329.13 points or 1.3 percent to 25,837.21, the S&P 500 advanced 65.92 points or 0.9 percent to 7,509.20 and the Dow climbed 385.38 points or 0.7 percent to 52,224.64.
A positive reaction to some of the latest earnings news seemed to inspire traders to pick up stocks at relatively reduced levels following the recent weakness.
Shares of 3M (MMM) soared by 7.3 percent after the industrial conglomerate reported better than expected second quarter results.
Auto giant General Motors (GM) also spiked by 4.9 percent after reporting second quarter earnings that exceeded analyst estimates.
Shares of Novartis (NVS) also surged by 2.9 percent after the Swiss pharmaceutical company reported second quarter results that beat expectations.
Strength among technology stocks is also contributing to the rebound on Wall Street, as reflected by the jump by the tech-heavy Nasdaq.
Computer hardware stocks turned in some of the tech sector's best performances, with the NYSE Arca Computer Hardware Index soaring by 5.9 percent.
Substantial strength was also visible among semiconductor stocks, as reflected by the 5.2 percent leap by the Philadelphia Semiconductor Index.
Outside of the tech sector, gold stocks moved sharply higher along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 5.2 percent.
Brokerage, steel oil producer and pharmaceutical stocks also saw significant strength, while software stocks showed a notable move to the downside.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index surged by 3.3 percent, while China's Shanghai Composite Index jumped by 1.8 percent.
Most European stocks also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and the French CAC 40 Index rose by 0.3 percent.
In the bond market, treasuries extended the notable downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.0 basis points to a two-month closing high of 4.628 percent.
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