Stocks stage big comeback Tuesday with S&P 500 finishing slightly higher after erasing 2% loss 
Stocks staged an afternoon rally on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment but lower interest rates appeared to boost the tech sector. 
The tech-heavy Nasdaq Composite climbed 1.75% to 11,322.24 after opening the day sharply lower. The S&P 500 rose 0.16% to 3,831.39 after being down more than 2% at session lows. The Dow Jones Industrial Average closed down 129.44 points, or 0.4%, at 30,967.82 but was down more than 700 points earlier. 
Stocks tied to economic growth fell sharply on Tuesday, with machinery names Deere and Caterpillar falling 3.2% and 2.5%, respectively, and hitting their lowest levels of the year. Mining stock Freeport-McMoRan dropped 6.6%. 
Elsewhere, shares of Ford fell 1% after the automaker’s second-quarter sales rose more slowly than expected. 

The pan-European Stoxx 600 closed down by 2.1% provisionally, with oil and gas stocks falling 6.3% to lead losses as almost all sectors and major bourses slid into negative territory. 
The euro also fell to its lowest level in two decades on Tuesday as fears of a recession in the euro zone ramped up, with gas prices soaring and the Ukraine war showing no signs of abating. 
Concerns about economic growth were also growing overseas. The Bank of England said Tuesday that the global economic outlook had “deteriorated materially.” In currency markets, the Euro slid to a 20-year low against the dollar on Tuesday. 
At the bottom of the European blue chip index, Rheinmetall plunged more than 10% after Deutsche Bank offered a downbeat outlook on the German defense giant’s upcoming second-quarter results, due in August. 
Source: CNBC, Investing.com