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Stock Erase Huge Losses as Dow Rallies 101 Points

The Dow Jones, S&P 500 and Nasdaq Composite Index rose in the final minutes of Monday trading.

The Dow and broader U.S. stock market rose on Monday, erasing huge intraday losses as investors turned their attention to upcoming commentary from Fed Chair Jerome Powell.

Wall Street’s major indices were surprisingly higher at the close, with the Dow Jones Industrial Average (DIA) rising 101.30 points, or 0.3%, to 34,366.67.

The broad S&P 500 Index (SPY) of large-cap stocks gained 0.3% to settle at 4,410.50. Most sectors finished in negative territory.

Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) climbed 0.6% to close at 13,855.13.

A measure of implied volatility known as the CBOE VIX (VXX) rose on Monday. The so-called “investor fear index” reached an intraday high of 38.94 on a scale of 1-100, where 20 represents the historical average. It would eventually settle up 6.5% at 30.68.

In commodities, oil prices declined on Monday, as U.S. West Texas Intermediate fell $1.68, or 2%, to $83.46 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, fell $1.44, or 1.6%, to $86.45 a barrel.

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In precious metals, gold prices rose, as the February futures contract fell $7.10, or 0.4%, to $1,841.20 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures fell 43 cents, or 1.8%, to trade at $23.89 a troy ounce.

The Final Word: In economic data, Markit’s flash U.S. manufacturing purchasing managers’ index (PMI) weakened to 55 in January from 57.7 in December. The services PMI fell sharply to 50.9 from 57.6 the previous month. The composite PMI also retreated, falling to 50.8 from 57.