Stocks Bounced Back from Brexit Selloff

U.S. stocks rebounded to close higher on Tuesday as some of the initial shock over the U.K.’s decision to withdraw from the European Union receded. The Dow Jones Industrial Average rose 269.48 points, or 1.57%, to 17,409.72. The S&P 500 gained 35.55 points, or 1.78%, to 2,036.09. The Nasdaq Composite rallied 97.42 points, or 2.12%, to 4,691.87.

Cash and short-term investments on the S&P 500 constituent companies’ balance sheets have surged to 10-year highs in Q1 2016, totalling $1.45 trillion, according to a new report from Factset by Andrew Birstingl.

Middle-income households are now more likely to fall into lower-income ranks than move up, and that’s weighing on the engine of U.S. and global growth: American consumption.

In a deal with federal regulators, Ikea announced Tuesday that it would recall 29 million chests and dressers in the United States after at least six toddlers were crushed to death in tip-over accidents.