Oil Stockpiles, Coke Profits, Verizon: 3 Things to Watch By Investing.com – Investing.com

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© Reuters.

By Dhirendra Tripathi and Barani Krishnan

Investing.com — Stocks roared back as investors took advantage of Monday’s sharp selloff to buy the dip despite ongoing concerns about the rapid spread of the coronavirus.

Monday’s slump in the three major indexes could be traced to the resurgence in Covid-19 infections  and worries it would stall the recovery. But others on Wall Street said the economy has already pivoted to an expansion phase.

Energy also recovered some of its losses from a day earlier, up more than 2% amid a tentative rebound in oil prices to just under $70 a barrel.

Oil inventory data due out later Tuesday from the industry and Wednesday morning from the government could put a floor under prices if they show a continued draw down.

International Business Machines (NYSE:) rose 2% after its second-quarter results topped analysts estimates, kicking off the flurry of big tech earnings reports expected out in the next few days.