STORY: Wall Street's major indexes jumped over 2% on Tuesday as investors scooped up shares of megacap growth and energy companies… a turnaround after the stock market last week suffered its biggest weekly percentage decline in two years.
The Dow rose over 2 percent, the S&P 500 and the Nasdaq rose about two and a half percent.
Megacap stocks Apple, Tesla and Microsoft all rose solidly to give the biggest individual boosts to the S&P 500.
Greg Hahn, the President and CIO of Winthrop Capital Management, says recent slides in the market are giving investors a huge buying opportunity.
"We feel like kids in a candy store right now investing in the market place because for the longest time, securities, financial assets were overvalued. There are so many wonderful opportunities right now to put money to work in the market."
Another winner today – Spirit Airlines... Shares jumped nearly 8 percent after JetBlue said on Monday it sweetened its bid to convince the ultra-low cost carrier to accept its offer over rival Frontier Airlines.
And Kellogg shares rose 3% after the breakfast cereal maker said it was splitting into three companies.
Despite Tuesdays broad rally, investors are still trying to gauge the outlook for stocks as the Federal Reserve takes aggressive measures to try to tamp down surging inflation.
Investors will listen for clues on the Fed’s next move Wednesday when Fed Chair Jerome Powell testifies to the U.S. Senate Banking Committee.
Goldman Sachs now says there is a 30% chance of the U.S. economy tipping into recession over the next year, up from its previous forecast.