S&P 500 Makes Comeback as Airlines, Banks Shine; European stocks close higher after Monday’s sharp sell-off; UBS up 5% 
Covid-inspired global growth scare. After its worth day in 8 months on Monday, the Dow Jones Industrial Average rallied nearly 550 points or 1.6%. It was the biggest jump for the Dow in more than a month.The S&P 500 registered a gain of 1.5%. The Nasdaq Composite rose 1.6%. 
The small-cap benchmark Russell 2000 surged 3% as reopening plays popped. American Airlines rose 8.4% and Norwegian Cruise Line rose 8.3%. 
Bond yields also rebounded with the U.S. 10-year stabilizing around 1.2%, after falling it its lowest level in 5 months on Monday. 
Earnings season continues on Wednesday with key reporting from Coca-Cola, Johnson & Johnson, Verizon, CSX, Las Vegas Sands and Texas Instruments. 

The pan-European Stoxx 600 closed up by 0.5%, with basic resources shares climbing 1.5% while the travel and utilities sectors both fell 0.2%. 
In earning news, Swiss banking giant UBS has beaten second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion. UBS shares climbed 5.3% in response to the news. 
Source: CNBC, Investing.com