The Dow Jones Industrial Average gained 740.58 points, or 1.78%, to finish at 42,343.65, while the S&P 500 rose 2.05% to 5,921.54. Both snapped four-day losing streaks.

The share of homes selling above asking price has dropped to a springtime low of 28%. That's one of four data points that suggest US housing is turning into a buyer's market.