Markets

Here's what happened to the stock market on Tuesday

The New York Stock Exchange is pictured on May 26, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average rises 556 points

The Dow gained 556.79 points, or 2.13% to close at 26,642.59. The S&P 500 climbed 1.34% to 3,197.52. The Nasdaq Composite rose 0.94% to 10,448.58. Wall Street regained some of its footing Tuesday after a late-day sell-off in the previous session.

Cyclical stocks outperform

Stocks that are closely tied to the economy led the way on Wall Street. Caterpillar was the best-performing Dow stock, rising 4.83%. Chevron and Exxon Mobil advanced more than 3% each. Boeing rose 2.45%. Tech shares, meanwhile, lagged. Microsoft rose 0.62%. Amazon dropped at least 0.64% each. Netflix slid 0.12%.

Banks waver after earnings

JPMorgan Chase closed just above the flatline despite posting better-than-expected earnings on the back of record trading numbers. Citigroup shares also posted earnings that beat expectations, but the stock slid 3.93%. Wells Fargo dropped 4.57% after reporting a loss of $2.4 billion for the previous quarter.

What happens next?

UnitedHealth, Goldman Sachs and Alcoa are among the companies set to report earnings on Wednesday. The Federal Reserve's summary of economic projections is also on the agenda.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.