The floor at the New York Stock Exchange is home to trading specialists. Chip East/Reuters
On Tuesday, the Dow rose in relief after a selloff that dragged benchmarks below their recent highs.
As Treasury yields are still high, financial stocks were huge winners.
On Wednesday, Washington will hold another vote on the debt ceiling.
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The Dow Jones Industrial Average recovered large losses from the previous session's selloff. However, federal lawmakers are still stuck on raising the debt ceiling.
The Dow rose to 300 points, almost erasing Monday's 323-point decline. Rising yields had also pushed the S&P 500 Composite and the Nasdaq composite from their highest levels. The Nasdaq's large-cap tech stocks rose despite the fact that Treasury yields remained high. Facebook gained after falling by more than 5 percent on Monday following a whistleblower's claims about Facebook's handling of hateful content.
Recent sessions have seen investors grapple with Washington's fiscal uncertainty, the implications of a rise in commodity prices and inflation worries that have resulted in the 10-year Treasury yield staying at 1.5%. Higher interest rates are a benefit to banks, and financial stocks led gains in the S&P 500's 11 sector on Tuesday. Goldman Sachs was also a notable winner on the Dow.
Here are the US indexes at 4:00 PM on Tuesday.
Dow Jones Industrial Average: 34.314.67, an increase of 0.92% (311.75 point)
Nasdaq Composite: 14,433.83, an increase of 1.25%
Tuesday's gains were ahead of Wednesday's Senate vote to end a filibuster over a bill that was passed in the House to suspend debt ceiling through December 2022. According to CNN, the upcoming vote will allow Democrats to raise the debt ceiling without the aid of the Republicans.
Schumer said, "We're telling Republicans that we're not asking for you to vote for this, just let us vote," and then added, "The minority party can get out and let the majority provide the votes."
The Federal Reserve called the Office of Inspector General, an independent agency to investigate whether top central bank officials made financial trades that may have violated ethics or the law.
According to CoinShares, investors poured $68.7 Million into bitcoin products during the week ending October 1, the highest amount since April.
Gold dropped 0.7% to $1.757.76 an ounce.
Oil prices rose. West Texas Intermediate crude oil rose 1% to $78.42 a barrel. Brent oil, the international benchmark for oil, rose 1.4% to $82.41.
Bitcoin surged 1.6% to $49884.81 and reached $50,000 for the first-time since September.
