Nation & World

Stocks rally to end volatile day

Under Armour had a good day, but not GE

Reuters

Traders work on the floor of the New York Stock Exchange on Tuesday.
Reuters Traders work on the floor of the New York Stock Exchange on Tuesday.

U.S. stocks ended a tumultuous day sharply higher, with all major averages rising at least 1.4 percent as volatility continues to grip equity markets during earnings season.

Treasuries fell and the dollar rose.

The S&P 500 Index twice erased gains that topped 1 percent before finally securing a rebound in the final hour of trading.

All 11 main groups rose, with consumer and commodity shares pacing gains. The average flirted with a correction earlier Tuesday and is still down more than 8 percent in October, on track for its worst month of the bull market.

Earnings drove some of the biggest moves. Take-Two Interactive and Under Armour surged on strong results.

General Electric, however, slumped to the lowest since 2009.

The Tuesday rally was welcomed by investors on edge after largely stellar earnings have failed to provide sustained relief to selling that began amid concern that rising rates will crimp economic growth. Attention will turn to major tech results including from Apple and Friday’s jobs report.

Trade also remains in focus, while the American midterm elections on Nov. 6 have started creeping into the calculus.

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