NEW YORK (AP) — U.S. stocks stormed back from sharp losses in the morning to notch gains Monday, the latest round of turbulence for Wall Street.
NEW YORK (AP) — U.S. stocks stormed back from sharp losses in the morning to notch gains Monday, the latest round of turbulence for Wall Street. The S&P 500 climbed 24.34 points, or 0.6%, to 4,296.12 after erasing an early 1.7% loss. Stocks of internet-related companies helped lead the way, including Twitter, which jumped 5.7% after agreeing to sell itself to Tesla CEO and tweeter extraordinaire Elon Musk. The Dow Jones industrial average rose 238.06 points, or 0.7%, to 34,049.46 after earlier being down 488 points, while the Nasdaq composite rallied 165.56, or 1.3%, to 13,004.85 to lead the market. Stocks have been shaky recently, with the S&P 500 coming off a three-week losing streak, amid worries about the quick jump in interest rates coming from the Federal Reserve as it tries to rein in high inflation. Strong profit reports for the first three months of the year from big U.S. companies had been offering support, but even that was looking less solid following some mixed reports and forecasts last week. Now Wall Street is in the midst of one of the most important stretches of the earnings season. Apple, Microsoft, Amazon and the parent company of Google are all on deck to report this week. And because they’re among the biggest companies by market value, their movements hold the most sway over the S&P 500.
