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Stocks rebound after lowest close since 2020

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By Nicole Goodkind, CNN Business

(CNN) - Stocks opened higher Tuesday morning, snapping a five-day losing streak and a steep selloff that sent the Dow into a bear market the previous day.

The Dow rose by 286 points, or 1%. The S&P 500 was up 1.4% while the Nasdaq Composite was 1.9% higher.

The Dow and S&P 500 hit their lowest levels on Monday since November and December 2020, respectively.

The British pound also rebounded by about 1% on Tuesday morning after reaching a new record low against the US dollar on Monday.

The Federal Reserve's aggressive hiking policy and Britain's recent tax cut announcements had caused the dollar to surge. Investors worried about the dollar's rally, Societe Generale's Kit Juckes noted on Monday, as large surges historically occur alongside global economic crises.

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