Dow rallies 580 for best day since March as market roars back from post-Fed sell-off

(CNBC) — U.S. stocks climbed on Monday as the market recouped some of the steep losses caused by the Federal Reserve’s policy shift.

The Dow Jones Industrial Average jumped 586.89 points, or 1.8%, to 33,876.97 to post its best day since March 5. The blue-chip benchmark suffered from its worst week since October. The S&P 500 gained 1.4% to 4,224.79, sitting within 1% from its record high after Monday’s comeback rally. The Nasdaq Composite was the relative underperformer with a 0.8% gain to 14,141.48 as some key tech names including Amazon, Tesla Nvidia and Netflix registered losses.

Commodity stocks that were hit hard last week led the market comeback on Monday as the S&P 500 energy sector rallied 4.3%. Devon Energy and Occidental Petroleum jumped nearly 7% each. Reopening plays including Norwegian Cruise Line and Boeing both climbing more than 3%. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded. Small caps Russell 2000 jumped 2.2%.

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Author: WND News Services

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