Dow jumps 400 points as markets rebound from a brutal week

US stock indexes opened higher on Tuesday as investors returned from a long weekend to scoop up shares of megacap growth companies and banks that were hammered in a rout last week on worries over a global economic downturn.

The Dow Jones Industrial Average jumped 411 points, or 1.4%. The S&P 500 climbed 1.7%, and Nasdaq 100 futures popped 1.8%. U.S. stock markets were closed Monday for Juneteenth.

Sentiment this week is being helped by comments from President Joe Biden that a US recession isn’t “inevitable,” but the outlook remains parlous for investors weighing whether the market has bottomed. History suggests bear markets usually take time to find a floor, especially when they are accompanied by a recession, as happened in 2008’s financial crisis.