Dow Rallies 261 Points as Equities Rebound
Equity markets rebounded as the Dow rose triple digits.
The Dow and broader U.S. stock market advanced on Monday, clawing back some of last week’s declines as investors continued to ponder central-bank policy and the economy.
Wall Street’s major averages were mixed at the close, with the Dow Jones Industrial Average (DIA) rallying 261.91 points, or 0.8%, to 34,869.63.
The broad S&P 500 Index (SPY) of large-cap stocks gained 0.2% to close at 4,468.73. Most sectors finished in positive territory.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) fell 0.1% to settle at 15,105.58.
A measure of implied volatility known as the CBOE VIX (VXX) fell on Monday. The so-called “investor fear index” reached an intraday low of 18.76 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 7.5% at 19.37.
In commodities, oil prices were higher on Monday, as U.S. West Texas Intermediate futures gained 93 cents, or 1.3%, to $70.65 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, advanced 73 cents, or 1%, to $73.65 a barrel.
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In precious metals, gold prices edged higher, as the December futures contract rose $2.50, or 0.1%, to $1,793.41 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures fell 12 cents, or 0.5%, to $23.78 a troy ounce.
The Final Word: The U.S. economy appears to have hit a rough patch amid a resurgence of Covid-19 cases. Employment data has been mixed, raising concerns about the health of the recovery.