Stock market rallies after rough start Monday

Wall Street
(Image credit: franckreporter/iStock)

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."

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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.

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Grayson Quay

Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-GazetteModern AgeThe American ConservativeThe Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.