The S&P 500 rose 0.15% to close at 7,663.38 on Tuesday, capping a volatile session where US indices recovered from an early slide that erased nearly $750 billion in equity value. The Dow Jones Industrial Average and Nasdaq ended 0.02% and 0.06% higher, respectively, as the US 10 year Treasury yield retreated to 5.24% after hitting a 24 year high of 5.34%. Relief in the Treasury market during the final hours of trading allowed indices to bounce back from intraday lows.

The turmoil was driven by a global bond rout that pushed the UK 30 year gilt to 6.029%, its highest level since 1998, and French 30 year bonds to a 24 year high of 5.5%. Liz Martins, an economist at HSBC, told Reuters the selloff indicates markets lack faith in the ability of governments to control their debt. Pressure on assets was further amplified by Brent crude topping $100 per barrel and the ISM prices paid index hitting 77.9 against a forecast of 72.3.