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​U.S. stocks up after two days of steep losses

MoneyWatch Headlines for June 28, 2016
MoneyWatch Headlines for June 28, 2016 01:14

After two very rough trading days on Wall Street following the Brexit vote, U.S. shares regained some ground on Tuesday.

The Dow rose 268 points, or 1.6 percent, finishing the day at 17,409. The S&P, which had lost 5.3 percent over the past two days, added 36 points to 2,036. And the Nasdaq gained 97 points, or 2.1 percent, to 4,692.

In U.S. economic news, the Commerce Department said the gross domestic product expanded at an annual rate of 1.1 percent in the first quarter, an improvement from the 0.8 percent rate released last month.

Global stocks suffered massive losses in recent days, losing trillions in value, after the U.K. voted to leave the European Union.

European benchmarks rose. Britain's FTSE 100 gained 2.6 percent and France's CAC 40 also climbed 2.6 percent. Germany's DAX gained 1.9 percent.

The euro and the British pound were moving higher, though the pound remained near its lowest levels since 1985.

Selling pressure was easing as British Prime Minister David Cameron, who has signaled he might not trigger a clause setting in motion the U.K.'s exit from the EU, was due to discuss the situation with his European Union counterparts on Tuesday.

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