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afternoon delight

Stock market rallies after rough start Monday

Markets fell dramatically on Monday morning but rallied in the afternoon, CNBC reported.

In what CNBC called a "stunning comeback," the Dow Jones Industrial Average "closed up 99.13 points, or 0.3 percent, at 34,364.50, gaining for the first day in seven."

The Nasdaq Composite Index dropped 4.9 percent earlier in the day but closed up 0.6 percent, marking the first time since the 2008 financial crisis that the index finished up after falling more than 4 percent.

According to JPMorgan strategist Marko Kolanovic, "The recent pullback in risk assets appears overdone, and … we could be in the final stages of this correction."

Even so, Ann Miletti, head of active equity at Allspring Global Investments, told CNBC she expects "a lot of turbulence as we march through these next couple of months."

This news comes on the first trading day following the market's worst week since the pandemic began in March 2020. Last week, the Dow Jones Industrial Average dropped 1,400 points, with tech stocks and cryptocurrencies hit especially hard.