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."

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.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

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.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
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.