Stocks mount stunning comeback on Monday with Dow closing in the green after earlier 1,000-point loss
Stocks mounted a dramatic comeback on Monday...
Stocks mounted a dramatic comeback on Monday as investors stepped in to buy beaten-up tech shares following a sharp sell-off earlier in the day.
The Dow Jones Industrial Average closed up 99.13 points, or 0.3%, at 34,364.50, gaining for the first day in seven. The S&P 500 finished higher by 0.3% at 4,410.13. The Nasdaq Composite gained 0.6% at 13,855.13. The Russell 2000 index of small-cap shares closed up as well.
The Nasdaq Composite Index turned positive after being down as much as 4.9% earlier in the session. The Dow rallied after being down 1,115 points at one point. The S&P 500 closed in the green after briefly hitting a correction earlier in the session, falling more than 10% from its Jan. 3 record close.
Oil prices fell about 3% on Monday, hit by investor concerns over the possibility of quicker than expected interest-rate hikes by the U.S. Federal Reserve that took down risk markets like equities while the dollar rallied.
Brent crude fell $2.65, or 3%, to $85.24 a barrel by 12:05 p.m. EST (1705 GMT), while U.S. West Texas Intermediate (WTI) crude dropped $3.02, or 3.6%, to $82.12.
Market Pulse: Panic-like selling emerges Monday as stock market tumbles and Dow skids over 1,000 points
Panic-like behavior takes hold on Wall Street,...
Panic-like behavior takes hold on Wall Street, at least from a technical perspective, as the stock market's drop gathers steam on Monday.
The NYSE Arms Index, a volume-weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.133 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior.
The reading comes as the Dow Jones Industrial Average DJIA, -3.10% was off 3.1%, or over 1,000 points, at 33,204, looking at its sharpest one-day fall since 2020; the S&P 500 index SPX, -3.78% was off nearly 4% at 4,227; and the Nasdaq Composite Index COMP, -4.50% was trading 4.8% lower at 13,101.
Energy stocks opened lower, pressured by weakness in the crude complex and in the major...
Energy stocks opened lower, pressured by weakness in the crude complex and in the major equity futures which carried over last week’s sell-off into this morning’s session amid geopolitical tensions in Ukraine and ahead of the highly anticipated Federal Reserve policy meeting this Wednesday. The market will pay close attention to how worried the U.S central bank is over inflation and how aggressive they will be in trying to contain it.
WTI and Brent crude oil futures are down in early trading, erasing earlier gains that took benchmarks to seven-year highs amid a drop in market sentiment ahead of the FOMC meeting. Worries about supply disruption, concerns about Russia-Ukraine discord, and rising tensions in the Middle East, which could make an already tight market even tighter, initially supported prices.
