Stocks rebound after a yo-yo day of trading

NEW YORK » Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading.

The S&P 500 climbed 1.3%, led by energy producers and other companies whose profits would benefit greatly from a strengthening economy. It was a sharp turnaround from the morning, when the index was down 0.9%, and from Monday’s last-hour slide after California shut bars and reinstated other restrictions amid a jump in coronavirus counts.

The Dow Jones Industrial Average also erased an early loss to end the day at 26,642.59, up 556.79 points, or 2.1%. Big techoriented stocks lagged behind, though, in a turnaround from their remarkably resilient run through the pandemic. That held the Nasdaq composite to a more modest gain of 97.73, or 0.9%, to 10,488.58.

The S&P 500 added 42.30 points to 3,197.52, and six out of seven stocks in the index were higher. The move left it 0.4% higher for the week after two yo-yo days.

After the market closed, shares of Moderna jumped in after-hours trading after a COVID-19 vaccine it’s developing with the National Institutes of Health revved up people’s immune systems just the way scientists had hoped. The experimental vaccine will start its most important step around July 27: a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

Tuesday’s unsettled market moves came as earnings reporting season kicked off. Three of the nation’s biggest banks painted a mixed picture of how badly the coronavirus pandemic is ripping through their businesses.