US stocks gained on Tuesday, leading the S&P 500 index to its best day since late May, as traders hunted for bargains following a steep weekly decline for global shares fuelled by central banks raising interest rates.
The S&P 500 closed 2.4 per cent higher in the New York session as trading resumed after a holiday on Monday, while the technology-focused Nasdaq Composite rose 2.5 per cent. The energy and consumer sectors were among the biggest risers on the S&P.
The moves reversed a portion of the losses inflicted on equities markets in recent weeks. The blue-chip S&P 500 remains down by more than a fifth from its January peak, leaving it in a bear market, as investors fret that higher rates will slow down the economy.
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