StockWorld News

Dow gains 600 points as stocks start week with a bounce

Dow gains 600 points as stocks start week with a bounce | Invezz

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Benson Toti

on
May 23, 2022

Dow added more than 600 points while the S&P 500 rose 1.86% and Nasdaq gained 1.59%.

All eleven sectors ended in the green, with financials up more than 3.2% and tech edging +2.6%

Stocks recorded yet another losing week on Friday as turbulence pushed the S&P 500 to a seven-week streak.

Stocks bounced higher on Monday, with gains for the Dow Jones Industrial of over 600 points. After posting eight consecutive weeks of losses, the Dow rallied 1.98%, or 618.54 points to close at 31,880.24.

The S&P 500 also closed higher, edging 1.86% to close at 3,973.75. Last week, the benchmark US index fell as much as 20.5% from its recent all-time high to sink into the bear territory before recovering to hover around -18.8%. The S&P 500 is on a seven-week losing streak.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Elsewhere, the Nasdaq Composite saw a 1.59% upside, while all the 11 sectors ended the normal trading session in the green.

Financials, energy and consumer staples added 3.2%, 2.6% and 2.1% respectively. Tech stocks also saw reduced sell-off pressure, with the sector up 2.3% on Monday. However, the consumer discretionary sector only moved +0.64%.

As the markets traded higher intraday, with the Dow adding more than 650 points at one time, economist Mohamed A. El Erian observed:

We were overdue a bounce … and this is a good one. Sustaining it will require attracting dip buyers and, more generally, cash on the sideline; and, more importantly, avoiding new news that amplifiies concerns about growth and corporate earnings.

US stocks have started the week on a positive note as market observers point out that a bounce was due. As noted above, this follows weeks of downside pressure amid concerns over the global economy as inflation, higher rates and geopolitical factors continued to dictate sentiment.  

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
eToro

10/10

68% of retail CFD accounts lose money

Visit site

Stocks & Shares