The Dow climbed 557 points, or 2.1%.The S&P 500 jumped 1.3%.The Nasdaq climbed nearly 1%.
Markets ended the day near session highs, rebounding from early losses that hit tech stocks.
US banks kicked off earnings season on a cautious note.
JPMorgan Chase, the nation's largest bank, said it's preparing for double-digit unemployment through the first half of 2021 — far worse than the Federal Reserve's projection for the unemployment rate to drop to 9.3% by the fourth quarter of this year. JP Morgan reported a 51% plunge in second-quarter profits as provisions for credit losses spiked.
Wells Fargo dropped 5% after posting its first quarterly loss since the 2008 financial crisis. The bank warned it will likely slash its dividend by 80%.