US stocks fell on Tuesday as stocks tied to a smooth reopening outperformed amid strong economic data, while bank stocks terrified by a margin call blowup rebounded.

The S&P 500 was down 0.2% after previously falling 0.7%. The tech-heavy Nasdaq Composite was down 0.2% as the rise in bond yields slowed. The tech-heavy benchmark fell more than 1% at one point. The Dow Jones Industrial Average fell 130 points and slid from a record high.

Investors digested a consumer confidence reading that far exceeded expectations. The Conference Board’s consumer confidence index rose to 109.7 in March, its highest level in a year. Economists polled by Dow Jones expected the index to rise from 90.4 in February to 96.8.

Classic reopening games recovered after the data was released. American Airlines was up 4% while United Airline was up more than 3%. Carnival, Norwegian Cruise Line and Royal Caribbean all traded at least 3% higher.

The 10-year government bond yield rose 6 basis points to over 1.77% on Tuesday. This was its highest level in 14 months as vaccine rollouts and expected infrastructure spending raised expectations of broad economic recovery and rising inflation. The key rate was recently unchanged at 1.73%.

“Rising interest rates have two different sides – is it driven by fears of inflation or by optimism about the economy? And more recently by optimism about the economy,” said Tom Hainlin, global investment strategist at US Bank Wealth Management.

The market saw increased volatility this week amid the ongoing impact after a hedge fund was forced to liquidate its position in several media stocks.

ViacomCBS and Discovery both rebounded after posting heavy losses last week, due to Archegos Capital Management selling large blocks of stock late last week. Discovery rose 9% while ViacomCBS gained 5%.

Wells Fargo rose more than 3% after the bank said it had no losses related to the closure of its exposure in Archegos.

Other bank stocks also made a comeback. Goldman Sachs was up 2.2%. JPMorgan and Bank of America were each up more than 1%.

Credit Suisse and Nomura posted heavy losses this week after warning of “significant” declines in first quarter results following the sale of the hedge fund.

Despite the recent volatility, the Dow and S&P 500 are significantly higher for the month, up 7.2% and 4.2%, respectively.

President Joe Biden is expected to reveal details of his infrastructure plan when he visits Pittsburgh on Wednesday. The spending package could cost north of $ 3 trillion.

“The significant tailwind that propels stocks up and the forces that drove stocks into, during, and now out of the pandemic persist,” Evercore ISI analysts wrote in a statement to clients.

“Investors seem to understand that faster growth, rising earnings growth expectations, still historically low corporate borrowing costs and pent-up consumer demand will deliver further market gains,” the company added.

However, Evercore expects the pace of earnings to slow as stocks are already pricing in an acceleration in growth.

Wild swings could hit the market later this week as pension funds and other large investors move through their quarter-end realignment. The recent surge in bond yields could set money managers up for big moves in their portfolios.