U.S. stocks rally after S&P 500's worst week in over 2 years

NEW YORK, June 21 (Xinhua) -- U.S. stocks rebounded on Tuesday as the energy sector led the broad market higher.

The Dow Jones Industrial Average rose 641.47 points, or 2.15 percent, to 30,530.25. The S&P 500 added 89.95 points, or 2.45 percent, to 3,764.79. The Nasdaq Composite Index increased 270.95 points, or 2.51 percent, to 11,069.30.

All the 11 primary S&P 500 sectors ended in green, with energy and consumer discretionary up 5.14 percent and 2.82 percent, respectively, leading the gains.

The rally followed a dreadful week on Wall Street as investors grew fearful that drastic rate hikes by the Federal Reserve may trigger a recession.

Last week, the Fed raised interest rates by 75 basis points, the largest hike since 1994, as it races to fight inflation that is running at a multi-decade high. Meanwhile, it left the door open for a similar increase at its next meeting in July.

For the trading week ending Friday, the S&P 500 shed 5.8 percent, booking its worst week since March 2020, while the Dow and the tech-heavy Nasdaq each fell 4.8 percent.

U.S. financial markets were closed Monday for the Juneteenth holiday.

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